Loadsmart, a NYC-based digital freight technology company, completed a $90m Series C funding.
The round was led by BlackRock, Inc.’s managed funds and included prominent strategic investors from the transportation space such as TFI International Inc. (NYSE and TSX: TFII), and Maersk. The deal was co-led by Chromo Invest, with participation from Perry Capital, founded by Richard C. Perry; and Bramalea Partners.
The company intends to use the funds to continue to expand its business reach.
Led by Ricardo Salgado, co-founder and CEO, Loadsmart leverages artificial intelligence, machine learning and strategic partnerships to automate freight price, booking and shipping. Pairing advanced technologies with deep-seated industry expertise, the company accelerates growth, simplifies operational complexity and bolsters efficiency for carriers and shippers alike.
Loadsmart claims it has has grown revenues 250% since January 2020 while improving service quality, increasing gross margins and keeping operational expenses at 2019 levels.