Global logistics platform Flexport raised $935m in a Series E funding round on its mission to boost supply chain resilience and visibility.
The round was led by Andreessen Horowitz and MSD Partners, with participation from new investor Shopify, as well as existing partners DST Global, Founders Fund, Softbank Vision Fund, and other investors including Kevin Kwok.
Flexport believes “trade can move the human race forward”. That’s why its mission is to make global trade “easy for everyone”. Flexport has positioned itself as the platform for global logistics—empowering buyers, sellers and their logistics partners with the technology and services to grow and innovate.
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.
Companies of all sizes—from emerging brands to Fortune 500s—used Flexport technology to move nearly $19bn of merchandise across 112 countries in 2021.
With this capital, Flexport said it will accelerate the development of its technology platform for global logistics and continue to expand into new geographies and markets worldwide. The company will also support logistics technology innovation by investing in new startups to make supply chains more efficient, transparent and inclusive.
Ryan Petersen, founder and CEO of Flexport. “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.”
The company expects the financing to close in the first quarter subject to customary closing conditions, including the receipt of regulatory approvals.
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