Flexport raises $935mn, valued at $8bn
Flexport today raised $935 million via a Series E funding round—led by Andreessen Horowitz and MSD Partners with participation from new investor Shopify as well as existing partners DST Global, Founders Fund, Softbank Vision Fund, and other investors including Kevin Kwok.
Flexport plans to accelerate the development of its technology platform for global logistics, continue to expand into new geographies and markets worldwide, and support logistics technology innovation by investing in startups.
Flexport moved nearly $19 billion in merchandise across 112 countries in 2021. "At a new valuation of $8 billion, we're proud to have the support of some of the best investors in the game who believe in our mission, solutions and people," the official statement said.
"The global pandemic and the pressure it put on supply chains made the transportation of goods - something we took for granted - a pain point," says Ryan Petersen, Founder and CEO, Flexport. "This investment signals that the market recognises the need for a tech-enabled logistics ecosystem with the visibility and resilience to handle unexpected challenges of any scale."
David George, General Partner, Andreessen Horowitz added: "Global trade is facing historic challenges which demand innovative approaches that address both the current difficulties and more systemic issues. Flexport's platform, business model and data-driven insights uniquely position the company to continue making a substantial impact on this multi-trillion dollar industry."
Flexport more than doubled revenue to $3.2 billion in 2021, grew to almost 2,700 employees across 23 offices worldwide, and had its first EBIT positive year.
"After many years of admiration, we're incredibly excited to partner with Ryan and the entire Flexport team as they continue building the technology platform for global logistics," says Bob Swan, operating partner at Andreessen Horowitz.
"We are confident that Flexport will continue to improve the lives of customers, and will also serve as a critical player in the broader effort to make the supply chain more efficient, cost effective, and resilient for many years to come."
Swan will join Flexport's board of directors, and representatives from Shopify and MSD Partners will join as board observers.
