Forwarding, Freight News, IT, Logistics

Simpler shipping firm wins funds for US expansion

[ December 17, 2024   //   Chris Lewis ]

Loadar, a company that automates and manages shipping processes for large companies has gained $4 million of investment from a consortium led by Frontline Ventures, with participation from Techstart Ventures, to expand operations to the US. The company, set up by Belfast-born Ciaran Doherty, says it can save users 15% of their costs through process streamlining.

Loadar says that the way shippers procure and manage freight carriers is inefficient  with a combination of outsourcing, antiquated in-house models and transport management systems not designed for large enterprises. 

It offers advanced procurement and streamlined management, automation and real-time insight into the whereabouts of freight and can be easily integrated into most major enterprise systems.

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. 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.”

He estimates shipping typically costs 7-8% of company revenues.