Flexport has secured $1 billion in funding led by the SoftBank Vision Fund and said it will use the capital to invest in its infrastructure and technology.
The latest fund raising in the freight forwarder also saw participation from existing investors Founders Fund, DST Global, Cherubic Ventures, Susa Ventures and SF Express. The extra $1 billion reportedly now values Flexport at $3.2 billion.
Flexport said it will use the cash to “deepen its technology and data capabilities, grow its global logistics infrastructure footprint, and invest in industry expertise to help clients navigate increasingly complex global trade environments”.
Flexport founder and chief executive, Ryan Petersen said on his company’s website in a blog, said: “At Flexport, we share a vision to unite the planet in a seamless web of commerce, unhindered by physical borders, boundaries or political agendas.
“More simply put, we believe that everybody should be empowered to do what makes us uniquely human: to trade.
“Today, we’re excited to share how we’re accelerating and further realizing that vision with a $1 billion investment led by the SoftBank Vision Fund, with significant participation from existing investors Founders Fund, DST Global, Cherubic Ventures, Susa Ventures and SF Express.
“These are partners who, like us, believe in a better, more interconnected world. Their support will propel us into that future as we use technology to make global trade easier for everyone.”
In 2018, he said Flexport doubled top-line revenue to nearly $500 million, and increased its headcount to nearly 1,000 employees,
SoftBank Investment Advisers managing partner, Michael Ronen will represent SBIA on the Flexport board, and Ed Shrager, director at SBIA, will join as a board observer.
He said logistics is a $7 trillion industry that is crucial for global trade, yet “extraordinarily fragmented”.
“Flexport’s pioneering use of technology and its data advantage position the company for exceptional growth in this multi-trillion dollar industry,” he added.