Post Date : February 8, 2022
The San Francisco-based freight forwarding company, Flexport on Monday said it has raised $935 million in a Series E funding round taking the value of the freight forwarding company at $8 billion — nearly triple its last reported valuation in 2019, according to PitchBook data., ranked No. 41 on last year’s CNBC Disruptor 50 list, has now raised nearly $2.3 billion to date.
The round led by Andreessen Horowitz and Michael Dell’s MSD Partners included a strategic investment from Shopify and saw participation from existing investors including DST Global, Founders Fund, SoftBank’s Vision Fund I, and former Greylock VC Kevin Kwok.
Flexport’s ocean, air, truck, and rail freight forwarding and brokerage services move legacy approaches to shipping and customs management to the cloud. Flexport’s data platform analyzes costs, container efficiency, and greenhouse gas emissions, a rising priority for companies in the logistics space.
“The global pandemic and the pressure is put on global supply chains has made the transportation of goods — something many people took for granted — a daily pain point. This investment signals that the market recognizes the need for a tech-enabled logistics ecosystem that has the visibility and resilience to handle unexpected challenges of any scale.”Ryan Petersen, Founder & CEO, Flexport
With more than 10,000 clients and suppliers in 112 countries and Flexport has reportedly doubled its revenue last year. With these freshly raised finances, the company plans to expand into new markets and accelerate the development of its technology.