Loadsmart, a digital freight broker headquartered in New York, announced Tuesday that it has raised $21.6 million in series A funding led by Maersk Growth, Connor Capital SB and Chromo Invest.
This brings the total investment in Loadsmart to date to $34.7 million following previous seed investment and a convertible notes round. The current investment will be used to scale Loadsmart’s operations team while doubling down on product and engineering.
Loadsmart said it leverages artificial intelligence to automate the truckload booking flow in the United States. It provides instant prices to shippers with capacity guaranteed on all U.S. lanes, the company said in Tuesday’s announcement, adding that through its automated platform, shippers can 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 Sune Stilling, head of Maersk Growth.
Maersk’s investment in Loadsmart reportedly is the first-of-its-kind partnership between a container shipping company and technology logistics company.
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 organizations,” the announcement said.
Emmett McCann, managing director and co-portfolio manager for Oaktree, said Loadsmart has “advanced technology that can be deployed alongside our investment portfolio to digitize and accelerate supply chain and transportation logistics execution.”