Freight procurement and management tool Loadar has raised a £3.1 million seed funding round.
The round was led by Frontline Ventures, with follow-on participation from existing investor Techstart Ventures.
The Belfast-based startup will use the funds to grow the team headcount and expand to the US, building on its success in Europe.
Loadar says it was designed to solve ‘outdated, inefficient and costly’ methods of procuring and managing freight carriers. 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.
Recent studies suggest 89% of companies faced a supplier risk event between 2017-2022, and the company claims to help to minimise the chances of disaster in these instances.
Founder and CEO Ciaran Doherty said: “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.
“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.”
Will Prendergast, partner at Frontline Ventures, added: “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 plans to more than double its team size over the next 12 months.