Maersk Invests in Digital Freight-Booking Startup
- Business & Finance
Danish shipping major Maersk has unveiled an investment in a US-based digital freight broker, Loadsmart, as the company expands its footprint.
Namely, the company’s launchpad for new ventures, Maersk Growth, is leading a USD 21.6 million Series A funding for Loadsmart, together with Connor Capital SB and Chromo Invest.
“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.
Loadsmart leverages 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. Through the company’s 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, according to Loadsmart.
Shippers have been able to reduce their spot exposure by 50 percent after integrating with Loadsmart, while reducing procurement execution time up to 90 percent.
The New York-based company explained that the latest move brings the total investment to date to USD 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.