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Flexport, the technology platform and digital freight forwarder, announces the completion of a Series E funding round totaling $935 million, led by investors Andreessen Horowitz and MSD Partners. In addition to existing partners DST Global, Founders Fund, and Softbank Vision Fund, new investors include a strategic investment from Shopify and a stake from Kevin Kwok. With this new funding round, Flexport’s valuation rises to over eight billion US dollars.
(PresseBox; Hamburg/San Francisco) Flexport will use the new capital to further develop its technology platform for managing global supply chains, to expand into new markets, and to establish key strategic partnerships.
“The pandemic and the resulting pressure on global supply chains have turned the smooth transport of goods – something many people previously took for granted – into a major challenge,” explains Ryan Petersen, founder and CEO of Flexport. “This investment clearly demonstrates that the market recognizes the need for a technology-driven, transparent, and resilient logistics ecosystem.”
The capital increase follows continuous growth for the company. In 2021, Flexport’s revenue more than doubled. The company now moves goods worth over 17 billion euros for its customers in 112 countries.
Innovative Approaches to Historical Challenges
“Global trade faces historical challenges. Innovative approaches are needed to address both current obstacles and to better manage systemic issues,” says David George, General Partner at Andreessen Horowitz. “Flexport’s business model, along with its data-driven platform, positions the company optimally to significantly shape a multi-trillion-dollar industry.”
“At Shopify, we are very familiar with the challenges that millions of merchants face every day. Logistics is one of the most complex areas of concern,” says Bram Sugarman, Director of Product Acceleration at Shopify. “We look forward to supporting Flexport in its ambitious mission to make global trade as simple as possible for everyone.”
Investments for Faster Implementation of Innovations
“The exceptional team at Flexport, led by a strong founder like Ryan Petersen, combines deep industry knowledge with technological expertise,” says Gregg Lemkau, CEO of MSD Partners. “Our investment will help accelerate the implementation of innovations that will benefit global trade.”
Flexport expects to close the financing in the first quarter of 2022, subject to customary closing conditions and including regulatory approvals.
Photo: © Flexport
