Freelancer’s 53 per cent-owned subsidiary Freightlancer.com has bought Loadshift for $7.7m.
Loadshift was founded by entrepreneur Phil Callaghan in 2007 and has since grown to have 85.8 million kilometres of freight requested in 2020 with more than 73,000 loads posted in the past 12 months.
“After a 15-year journey as the director of Loadshift, this represents the ideal next step,” said Callaghan.
“The moment is right, the family timing is perfect and the opportunity to see Loadshift’s successful model brought to the global stage by Freelancer irresistible.”
Callaghan said there will be no disruption in operations.
“This will be a seamless transition. Our carriers have always meant the world to us and continuous service to them has always been our first priority.”
Freelancer chief executive Matt Barrie said Loadshift aligns with Freelancer’s mission.
“The acquisition of Loadshift builds on Freightlancer’s momentum and continues to deepen our global pool of liquidity for the freight logistics industry, around the world,” Barrie said.
At the same time, Freightlancer also received $3.7 million investment from Wes Maas, CEO and founder of Dubbo-based Maas Group Holdings, a diversified industrials group, Tom Cavanagh, CEO and founder of EMS Group, a specialist in machinery hire, sales, repairs and rebuilds to support underground mining and tunnelling and others. Startive Ventures, a venture fund focused on global technology and Internet startup opportunities also participated in the round.
Cavanagh, an experienced executive in the mining and equipment industries as founder and CEO of EMS group is also joining Freightlancer as chief executive.