Logistics startup Ofload raises $31 million to deliver carbon emissions tracking platform

Sydney-based logistics startup Ofload has officially launched its carbon emissions tracking tool, after completing a $31 million capital raise.

Founded in 2019 by Geoffroy Henry, Ofload is a digital platform focused on helping companies make their supply chains more efficient, and now, greener.

Described as an Australian-first, Ofload’s Carbon Analytics Platform (CAP) has been designed to automate how local companies measure carbon emissions within their supply chain.

Its release comes as Australian companies of all sizes are being warned to get ready for federal regulation that will mandate emission reporting. While the legislation is aimed at large firms, small businesses within the supply chains of these big businesses are likely to also be affected.

Ofload confirmed on Tuesday it has raised $31 million in new funding to support the roll-out of CAP and wider business growth.

However, around $27 million of this funding round had previously been reported by The Australian Financial Review in December 2023, as highlighted by Startup Daily on Tuesday.

The round was led by Yarra Capital Management and includes re-investment by King River Capital and Jungle Ventures. It follows a $60 million Series B raise in November 2022 and $20 million in Series A funding in December 2021.

The new funding values Ofload at $350 million, which according to the company, represents a 200% increase in its valuation in under two years.

The startup secured second place in the 2022 Smart50 Awards, at which time it was recording annual revenue of more than $25 million, and was named in fifth position in LinkedIn’s annual list of Australia’s top startups in 2023, with a full-time headcount of 120.

Ofload has also acquired a number of other businesses to fuel its growth, including CIA Logistics in 2022 and transport management company MF Freight in 2023.

Lifting the ‘burden’ on small businesses

Australia’s freight and logistics sector is a key contributor to the nation’s transport emissions, according to Ofload, and companies in the sector are increasingly looking for solutions to improve both their efficiency and sustainability.

According to the startup, CAP uses data analytics to track a number of criteria, including freight distance, vehicle type and age, load factors, and fuel consumption effects, using the Global Logistics Emissions Council Framework.

Ofload had originally planned to launch the platform to coincide with the start of the federal government’s carbon emissions disclosure laws, however, that legislation is still before the Parliament.

And there was interest from the business community, with the platform having already measured the carbon output for companies moving goods over more than 21 million kilometres of supply chains.

Among the companies already using the platform are Noumi, Metcash and Kimberly-Clark.

“Many companies are looking for ways to decrease the environmental impact of their operations, particularly in logistics, in response to demand from their customers and investors,” said Ofload CEO and founder Geoffroy Henry in a statement provided to SmartCompany.

Henry said the government’s regulation about carbon emissions disclosures will “naturally burden small businesses that form part of major supply chains”, and Ofload’s platform is designed to alleviate some of this burden.

“When it comes to logistics, the CAP reduces both the cost and complexity of compliance for major brands and small businesses alike,” he added.

Never miss a story: sign up to SmartCompany’s free daily newsletter and find our best stories on LinkedIn.