Startups
Logistics startup Flexport just raised a SoftBank-led round at a whopping $3.2 billion valuation
Flexport, a 5.5-year-old, San Francisco-based full-service air and ocean freight forwarder, says it has raised $1 billion in fresh funding led by the SoftBank Vision Fund.
Earlier backers of the company, including Founders Fund, DST Global, Cherubic Ventures, Susa Ventures and SF Express, all participated in the round, which reportedly pegs the company’s post-money valuation at $3.2 billion.
According to Forbes, which broke the news, Flexport generated revenue of $471 last year, up from $224.8 million in 2017, thanks in part to some customers who the company says spend more than $10 million a year at Flexport for its help in managing their supply chains.
The company is apparently moving so fast, it hasn’t had a chance to update its marketing materials. CEO Ryan Petersen tells Forbes the company now employs 1,066 people across 11 offices and four warehouses around the world. Its site states it has 600 employees.
Axios reported last week that Flexport was in talks to raise money in a deal led by SoftBank that would value the company in the $3 billion range.
It had previously raised $305 million across five rounds, including, most recently, in April 2018, according to Crunchbase.
Flexport competes with numerous other freight forwarding online marketplaces that are focused on price comparison, as well as helping their clients book and track shipments. But its goal, seemingly, is to compete more directly with heavyweights like DHL, FedEx and UPS. In late 2017, it said it was beginning to charter its own aircraft. Petersen tells Forbes that Flexport now has four warehouses around the world, too.
-
Entertainment7 days ago
Earth’s mini moon could be a chunk of the big moon, scientists say
-
Entertainment7 days ago
The space station is leaking. Why it hasn’t imperiled the mission.
-
Entertainment6 days ago
‘Dune: Prophecy’ review: The Bene Gesserit shine in this sci-fi showstopper
-
Entertainment5 days ago
Black Friday 2024: The greatest early deals in Australia – live now
-
Entertainment4 days ago
How to watch ‘Smile 2’ at home: When is it streaming?
-
Entertainment3 days ago
‘Wicked’ review: Ariana Grande and Cynthia Erivo aspire to movie musical magic
-
Entertainment2 days ago
A24 is selling chocolate now. But what would their films actually taste like?
-
Entertainment3 days ago
New teen video-viewing guidelines: What you should know