NEW YORK's Loadsmart has raised US$21
NEW YORK's Loadsmart has raised US$21.6 million in series A funding led by Maersk Growth, Connor Capital SB and Chromo Invest, raising the total investment in the digital freight broker so far to $34.7 million. The current investment will be used to scale Loadsmart's operations team while doubling down on product and engineering, reported American Shipper, which noted that Maersk Growth's investment in Loadsmart enables AP Moller-Maersk to expand its over-the-road trucking operations.
Loadsmart said it utilizes artificial intelligence to automate the truckload booking flow in the United States. It provides instant prices to shippers with capacity guaranteed on all US lanes and shippers can through its automated platform book a truck in seconds manually or integrate via an API to have a server-to-server booking with no human intervention.
'We see huge potential with Loadsmart. Forward integrations between ocean shipping and over-the-road services can create incredible synergies and eventually provide a full service to shippers,' said Maersk Growth head Sune Stilling.
Loadsmart also signed a strategic partnership with funds managed by Oaktree Capital Management LP, with a 'broad goal of collaborating in ways that are mutually beneficial to both organisations,' it said.
Oaktree managing director Emmett McCann said Loadsmart has 'advanced technology that can be deployed alongside our investment portfolio to digitise and accelerate supply chain and transportation logistics execution.'
