Flexport is a logistics platform and global freight forwarder that is built around a web application. It allows customers to arrange transported goods, track inventory in real-time while it is delivered by air, ocean, or road freight. Thus, help logistics companies to optimize inventory management and routes.
The funding round was co-led by Andreessen Horowitz and MSD Partners. There was also strategic investor Shopify as well as existing investors such as DST Global, Founders Fund, SoftBank’s Vision Fund I, and former Greylock VC Kevin Kwok. The funds raised are planned to be used for new market expansion and technology development acceleration.
Flexport, San Francisco, was founded by Ryan Petersen in 2013. As of now, the company has more than 10 000 customers in 112 countries. Flexport’s platform can analyze container efficiency, costs, greenhouse emissions, which is interesting for companies focusing on carbon footprint decrease. The company aims to move shipping and customs management to the cloud. It is the first company that connects the whole global trade ecosystem, including buyers, sellers, and logistics providers. “The global pandemic and the pressure is put on global supply chains has made the transportation of goods — something many people took for granted — a daily pain point,” Ryan Petersen. The products offered are divided into three categories logistics management (platform, visibility, customs, climate, order management), transportation (ocean and air freight, trucking, any volume shipping), and trade management (trade advisory and finance, duty drawback, insurance, product classification, and certification).