LoadMe targets $20m valuation after $1m funding
A UAE-based startup LoadMe, a Digital Transport Broker attached to the first Online Transport Marketplace in the Middle East, has raised $1 million in pre-series A round from Angel investors including three family office establishments from Saudi Abdullah Alshawaf, and two undisclosed Emirati investors.
On-demand truck transportation startup is looking to close the total round of $5 million before the year-end and is targeting a pre-money valuation of $20 million for the present Series A Round.
Founded in 2014, LoadMe is the operator of an online, B2B, cloud-based portal that matches the available trucking space and loads to be carried in real time in the Middle East. The system is based on the Internet, combined with GPS tracking and Smartphone apps.
A-round proceeds will be used to add sea cargo, air cargo, and warehousing services to the marketplace platform. At the same time, LoadMe will be looking to expand its footprint to new markets. No external help has been mandated but Load-Me would welcome approaches from experienced financial advisors.
LoadMe aims to continue its expansion by implementing its software with partner logistics brokers all around the world. It is also looking to gain more customers in GCC, mainly corporates with large volumes of cargo.
Sebastian Stefan, the co-founder and CEO, and the other two co-founders Sebastian Morar and Claudia Pacurar hold the majority stake, while the UAE VC Prime Venture Partners, port operator DP World and three other institutional investors along with five angel investors own the balance.
The company prefers strategic investors with a portfolio or relevant experience in the logistics sector, but would also welcome financial investors. LoadMe is monitored by industry players and has buyout approaches by strategic, but the focus remains on growth, generating value for a potential future acquisition scenario.