Transformative freight procurement and management tool Loadar has raised a £3m seed funding round, led by Frontline Ventures with follow-on participation from existing investor Techstart Ventures. Founder and CEO Ciaran Doherty will use the funds to grow the team headcount and expand to the US, building on the success to date in Europe.
The way shippers procure and manage freight carriers is outdated, inefficient and costly. A combination of outsourcing, antiquated in-house models and Transport Management Systems (TMS) not designed for super-large enterprises, have resulted in a transport procurement and management industry distinctly lacking in efficiency and failing to deliver what are now simply-integrated benefits of modern-day technology.
Loadar was designed to solve these problems, specifically for the super-large enterprise category. It offers advanced procurement and streamlined management, as well as the ability to automate the process and provide real-time insight into the whereabouts of freight at any given time. Further, it is simply integrated into most major enterprise systems. Loadar is already live and operating for clientele, including bluechip sustainable packaging providers.
For the super-large enterprises moving product all over the globe, transport procurement and management is a major expense both financially and in terms of time. Teams are often individually managing hundreds of carrier relationships, it truly has become an impossible task to do well. Third-party logistic (3PL) companies are inefficient and fail at promoting crucial strategic partnerships between shippers and their carriers. It's a challenge in need of a solution, and today's funding announcement is the next major step for us to be able to provide that solution.
Managing transport costs and reducing carbon footprint are two of the top priorities for large manufacturers. Loadar is unique in that it tackles both of these topics together, achieving significant cost savings for clients by reducing empty leg journeys for transport companies. It's a win, win-win scenario for manufacturers, transport carriers and the climate.
Loadar is a wonderful example of innovation born out of Northern Ireland. Ciaran and his team have every necessary attribute to successfully scale what is a clearly needed solution to a problematic link in the supply chain.
