Flexport, a San Francisco, CA-based freight company, raised $1 billion in funding.
The round was led by SoftBank (OTCPK:SFTBF, OTCPK:SFTBY) at a $3.2 billion valuation, with participation from existing investors Founders Fund, DST Global, Cherubic Ventures, Susa Ventures and SF Express. In conjunction with the funding, SoftBank managing partner Michael Ronen will join Flexport’s board.
The company intends to use the funds to deepen tech capabilities, accelerate strategic market expansions, and invest in supply chain expertise.
Founded in 2013 and led by CEO Ryan Petersen, Flexport is a full-service air and ocean freight forwarder, providing a platform and end-to-end service for logistics teams to get access to real-time tracking, structured data, shipment-specific communication, and a team of experts.
In 2018, the company doubled top-line revenue to nearly $500M, increased headcount to nearly 1,000 employees, expanded its geographic presence to 11 offices and warehouses around the world.
Today, it has almost 10,000 clients and suppliers across 200 countries.