Flexport secures $1bn in funding

Tech-forwarder Flexport has raised $1bn in a funding round led by SoftBank’s Vision Fund. Current investors Founders Fund, DST Global, Cherubic Ventures, Susa Ventures and S.F. Express were “significant” participators in the event according to Flexport.

In an interview in The Loadstar, CEO Ryan Petersen commented that “In terms of capital allocation, we aim to invest in technology, as we go after the best talent in the industry… Then, it’s about the infrastructure… The timing is indeterminate, based on our team getting there as fast as we can, while still being operationally excellent. We are performance-driven, so we must scale up to better serve the carriers in air and ocean freight as well as all our partners.”

In 2018, Flexport doubled top-line revenue to nearly $500m, increased headcount to nearly 1,000 employees and expanded its geographic footprint to 11 offices and warehouses around the world.

Source: Flexport/The Loadstar