Sydney logistics start-up Relieve raised $60 million in Series B round of equity and debt.
The raise comes 11 months after the company’s $20 million Series A.
The round was led by Singapore VC, Jungle Ventures, along with existing investors Maersk Growth, the venture arm of transport and supply chain giant AP Moller – Maersk, as well as King River Capital, Bay Grove, Flash Ventures and Foundamental.
Maersk and Foundamental have now backed the startup in all three rounds, starting with the $2.8 million seed round in 2020. Other investors include Flexport and Flash Ventures.
About $20 of the total increase is in debt to Liquidity Group’s Mars Growth fund for the company’s takeover ambitions.
Founded in 2020, Ofload acquired Melbourne-based freight specialist CIA Logistics in its first deal to expand nationally in September this year.
Like leading logistics company Shippit, which raised $65 million in a Series B expansion in May this year, the digital freight forwarder and transportation management start-up is maximizing logistics by managing its freight forwarding replenishment.
Ofload counts Freedom Foods, Marley Spoon, FedEx, Doehler and AP Moller – Maersk among its clients who work with more than 50 of the country’s largest companies with access to more than 1,500 carriers and 15,000 trucks nationwide.
It now has over 120 employees in Sydney, Melbourne and Brisbane following the merger with CIA Logistics.