Load-Me, a UAE-based startup just raised $1m in a Series A round and might be soon closing a total round of $5m just before the end of the year.
According to its website, Load-Me is the “first Freight Exchange platform in the Middle Eastern transporters marketplace” whereby it helps transporters increase their chances of finding “load” for their return trip, which in turn makes “proper and efficient use” of the trucks in a more environmentally friendly way.
How does it work? Well, Load-Me is an online, B2B cloud-based portal that matches the available trucking space and loads to be carried in real time. The system uses the internet, in addition to GPS tracking, and smartphone apps.
The startup states that it’s currently targeting pre-money valuation of $20m for its Series A round. It also mentioned that it prefers strategic investors with a portfolio or relevant experience in the logistics sector, although financial investors are welcome.
With the new funds, Load-Me will be adding sea cargo, air cargo, and warehousing services to its platform. The startup is also planning on expanding to new markets.
For more information on Load-Me, read here.