Dubai – Mubasher: Dubai-based startup Load-Me on Sunday announced raising $1 million in funding.
Load-Me, which describes itself as a "Digital Transport Broker attached to the first Online Transport Marketplace in the Middle East," also said it was looking to close a $5 million in financing before the end of 2018.
The first $1 million of the Series A "was deployed by three family office establishments from Saudi Arabia, Mr. Abdullah Alshawaf, and two Emirati investors," the startup revealed in a statement.
Proceeds from its A-round series will be used to add sea cargo, air cargo and warehousing services to the marketplace platform, Load-Me explained, noting that it was planning on its expanding in new markets.
The Dubai-based logistics and transportation startup is targeting pre-money valuation of $20 million for the present Series A Round, it said, noting that it prefers logistics-focused strategic investors but also welcomes financial investors.
Since 2016, Load-Me has been generating revenue alongside month-on-month growth. In October 2018, the startup registered a 300% growth. The company has two revenue streams, the first being from subscriptions, while the second is profit margin from load owners who pay the freight charges through the platform.
Load-Me has 18,000 registered trucks in its system, including several Fortune 500 companies, such as Procter & Gamble (P&G) and Kuehne+Nagel.
"All of them are using Load-Me as their transport service provider in the region," the startup said.
Load-Me is managed by CEO Sebastian Stefan and two other co-founders who hold a majority stake, alongside UAE venture capital firm Prime Venture Partners, port operator DP World and three other institutional investors as well as five angel investors.
"Load-Me 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," it said.
