Flexport raises $935 million
Global logistics platform Flexport announced a $935 million Series E investment round led by Andreessen Horowitz and MSD Partners with a strategic investment from Shopify, as well as participation from existing partners DST Global, Founders Fund, SoftBank Vision Fund 1, and other investors including Kevin Kwok. The investment brings Flexport’s post-money valuation to over $8 billion.
Founded in 2013, the San Francisco-based startup offers buyers, sellers, and their logistics partners a range of services including logistics management, transportation, and trade management. In 2021, companies of all sizes used Flexport to move nearly $19 billion of merchandise across 112 countries.
Flexport also offers cargo insurance in “just a few clicks.” It works with Marsh, The Hartford, and Zurich to offer customers per shipment coverage and annual policies. Aside from getting insurance, customers can also file claims using the Flexport platform.
“The global pandemic and the pressure it put on global supply chains has made the transportation of goods – something many people took for granted – a daily pain point. This investment signals that the market recognizes the need for a tech-enabled logistics ecosystem that has the visibility and resilience to handle unexpected challenges of any scale.” – Ryan Petersen, founder and CEO of Flexport.
“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 together uniquely position the company to continue making a substantial impact on this multi-trillion dollar industry.” – David George, general partner at Andreessen Horowitz.
“At Shopify, we see first-hand the challenges millions of entrepreneurs face when running their businesses, with logistics being one of the most daunting complexities in commerce today. We are so inspired by the progress Flexport has made in this critical area and are excited to support them in their ambitious mission to modernize the supply chain, breaking down barriers to trade for businesses everywhere.” – Bram Sugarman, director, product acceleration at Shopify.
“Flexport’s extraordinary team, led by a strong founder in Ryan Petersen, is bringing to bear deep industry knowledge and critical technology capabilities in building a logistics sector leader. This investment will help accelerate and expand the innovation that will benefit the broader trade ecosystem.” – Gregg Lemkau, CEO of MSD Partners.