New York, NY — Loadsmart announced they have raised $19 million from investors, including terminal operator Ports America and Maersk Growth, the investment arm of the container ship and supply vessel operator, for Loadsmart’s new Smart Drayage initiative which aims to help ports flow shipping containers through marine terminals.
This latest round follows Loadsmart’s series A round in late 2018, bringing total funding to date to $53.3 million.
“The free-flow model moves the industry from container-specific to container-agnostic. It means that truck drivers will be given the best container available when they arrive at the port, having pre-agreed with a specific mileage band trip” said Ricardo Salgado, CEO and co-founder of Loadsmart. “As a result, we project that truck drivers will be able to reduce their time to get in and out of the port by at least 25%. At the same time, we estimate that port operators will be able to reduce container shuffles by at least 50%, which is a huge efficiency gain.”
Maersk alone moves around 13 million containers a year, or around 15% of the world’s container market. Ports America operates 33 port terminals in 22 cities in the U.S. and moves around 6.7 million containers in and out of the country.
“At Maersk Growth we want to define the future of trade,” said Sune Stilling, head of Maersk Growth. “From the onset, we recognized the synergies between Maersk and Loadsmart and our joint opportunity to drive change through technology. Our partnership will increase inland business opportunities to add value to our clients.”
As part of the new drayage initiative, Loadsmart will leverage the data, expertise and industry knowledge of major industry players.
“As the only tri-coastal terminal operator, we are focused on providing value to supply chains through transparent and efficient terminal operations and in our pursuit to provide our customers with best-in-class service, we need to rethink how goods are moved more efficiently. Streamlining the drayage movement benefits our trucking community with faster turn times while providing cargo owners with better visibility and more efficient container retrievals” said Mark Montgomery, President and CEO, Ports America. “
The announcement comes together with the release of Loadsmart Drayage Instant Booking. The new service is available via Loadsmart’s website and enables small and medium sized shippers to book a drayage truck in seconds. For enterprise accounts Loadsmart offers an API integrated solution.
Aside from Ports America and Maersk Growth, Chromo and Connor Capital (who also took part in the firm’s Series A funding last October) participated in this intermodal-focused investment, bringing the total investment in Loadsmart to date to $51.7 million.