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Tuesday, May 17, 2022

Maritime Logistics Professional

February 1, 2022

Loadsmart Valuation Hits Over $1 Billion After Funding Round

© BigBlues / Adobe Stock

© BigBlues / Adobe Stock

Freight tech firm Loadsmart Inc said on Tuesday it was valued at $1.3 billion in its latest funding round, led by SoftBank Latin America Fund and funds managed by BlackRock Inc.

The company raised $200 million in the Series D funding round from investors including Janus Henderson Group and rail operator CSX Corp.

Chicago-based Loadsmart, which helps shipping and trucking companies connect with customers through its platform, plans to use the proceeds to rapidly expand its technology offerings and increase supply chain efficiencies.

Founded in 2014, Loadsmart said its carrier network has grown to more than 680,000 trucks, and experienced a 134% year-over-year revenue growth in 2021.

The company saw its revenue more than triple in the fourth quarter of 2020, the year when it last raised $150 million in fresh capital.


(Reuters - Reporting by Nathan Gomes)