Flexport Nabs USD1bln
San Francisco-based freight forwarder Flexport announced a unding injection of $1 billion led by the venture capital (VC) arm of Japanese investment firm SoftBank Group.
"We’re excited to share how we’re accelerating and further realizing that vision with a $1 billion investment led by the SoftBank Vision Fund, with significant participation from existing investors Founders Fund, DST Global, Cherubic Ventures, Susa Ventures and SF Express. These are partners who, like us, believe in a better, more interconnected world," said a press note from the logistics company.
With the $1 billion in additional funding, Flexport aims to facilitate that trade by leveraging technology to assist shippers navigate modern supply chains.
Flexport CEO Ryan Petersen wrote today that the funding will be used for "creating incredible experiences" for its nearly-10,000 clients and suppliers, who are located across 200 countries.
Founded in 2013, Flexport is already the 11th-largest freight forwarder in the world.
Flexport, a self described “modern freight forwarder,” moves packages and handles customs issues by air, sea, truck and railway. Flexport's technology provides data that helps customers analyze costs, container utilization and emissions, and keep track of their supply chain