A.P. Moeller-Maersk is investing in freight-booking startup Loadsmart, the Wall Street Journal reports. Maersk Growth is leading a $21.6 million Series A funding and believes the company will provide "huge potential" for integrating its ocean-shipping services with its technology.
Loadsmart primarily focuses on booking full-truckload shipments for shippers and will use the funds to reach new customers, the Journal reports. Loadsmart's technology will gather and connect shipment data in a cloud-software and provide live status updates, auto-populate paperwork and reduce wait times for pickups and drop-offs at warehouses, ports, rail yards and other freight hubs.
Maersk's investment comes as other large shipping companies are vamping their supply chain with technology start ups, the Wall Street Journal reports.