Sydney company Freight Exchange has capped a watershed year with exceptional growth and is now looking to take its online freight capacity marketplace overseas with support from the NSW Government.
Deputy Premier and Minister for Small Business and Skills, John Barilaro, said the company, which received a $98,000 Jobs for NSW Building Partnerships (BP) grant had grown 587% last financial year.
It boasts revenue of more than $1 million and has over 800 carriers and 1700 shippers on its books.
“Freight Exchange is a great example of a clever company developing technology to make NSW more efficient while creating jobs and growing the economy,” Mr Barilaro said.
Their smart online platform uses GPS tracking to take advantage of unused capacity on long haul freight by connecting shippers with carriers and allowing them to instantly book their freight, get a price and get it moving.
The company, which now has 12 staff and focuses on long-haul trucking, has developed apps which allow companies big and small to plug directly into the system to match unused capacity with freight orders instantly.
Big expansion plans
“Former management consultant and Freight Exchange founder and CEO Cate Hull saw the massive amount of underutilised capacity of trucks on Australian roads and she knew she was on to something,” said Mr Barilaro.
After building the company from scratch, Ms Hull is now looking to take the company global, with a pilot set for New Zealand this month and plans to expand to Shenzhen, Singapore and Hong Kong.
Ms Hull said the Jobs for NSW Building Partnerships grant had been a huge help in growing the business.
“To big businesses it might sound like a small amount but to us it was significant,” she said.
“We used the Jobs for NSW grant to build the product, but also to deal with the growing pains of a small company – the team has close to doubled in the past year.”
Ms Hull said her main goal now is to create a global platform that incorporates self-driving trucks and automates the buying of selling and freight capacity internationally.
Cate Hull and Freight Exchange co-founder Martyn Hann: Going global