Flexport, a supply chain support company, has secured $100m in its latest funding round.
China-based SF Express made a strategic investment into the company, which will see Flexport expand its operations in China and around the world. Other firms to join SF in the funding round included First Round Capital, Bloomberg Beta, Founders Fund, DST, and Y Combinator.
The company provides global logistics services for air freight, ocean freight, trucking, cargo insurance, customs brokerage and inventory financing. Founded in 2013, Flexport helps businesses to book shipments, communicate with suppliers, reconcile invoices and analyse reports.
For shipments including trucking, a business can integrate Flexports data platform to calculate exact rates and fees to ensure quotes and invoices are accurate.
Last year, the company tripled its revenue and opened new offices in Los Angeles, Atlanta, and Shenzehn.
Recently the company launched its private air freight services, a dedicated plane which makes two trips a week from Hong Kong to Los Angeles with customer cargo. Flexport is looking to double its warehousing footprint over the course of the year, as well as opening new offices in Hamburg, Chicago, Taiwan, and Shanghai.
This line of funding will be used to further invest in its technology to lower transaction costs, improve customer interface and support more data-drive decisions.
Flexport CEO and founder Ryan Petersen said, ?Our mission is to make global trade easy for everyone. The investment by SF Express, one of the world’s top couriers, will let us create more value for businesses shipping freight internationally.”
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