Flexport raises $260 million

Logistics startup Flexport is raising $260 million from e-commerce platform Shopify.

Flexport and Shopify have a history. In 2023, Flexport acquired Shopify’s logistics arm in a deal that gave Shopify a 13% equity stake in Flexport and a board seat.

Founder and CEO Ryan Petersen announced the capital injection on X, which was provided in the form of “on an uncapped convertible note.”

Last October, Flexport announced layoffs that impacted 20% of its workforce (600 employees).

The startup also operates in the insurance space – it has been offering cargo insurance and it recently introduced trade credit insurance.