Softbank Leads $1 Billion Investment in Flexport
Flexport received a $1 billion investment led by the Softbank Vision Fund, the company announced in a Feb. 21 new release. "In 2018, Flexport doubled top-line revenue to nearly $500M, increased headcount to nearly 1,000 employees, expanded our geographic footprint…
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to 11 offices and warehouses around the world, and in September achieved the ranking of 11th largest freight forwarder by ocean volume on the world’s largest shipping lane, the Transpacific Eastbound," Flexport CEO Ryan Petersen said. Other investors include Founders Fund, DST Global, Cherubic Ventures, Susa Ventures and SF Express, Petersen said. Among future initiatives is an "Operating System for Global Trade," which is "a strategic operating model for global freight forwarding that combines technology and analytics, logistics infrastructure, and hands-on supply chain expertise." Peterson said that "by bringing together everyone -- importers, exporters, ocean carriers, airlines, warehouses, trucking companies, and customs brokerages -- on one platform to structure all the data required to conduct global trade, Flexport and the OS for Global Trade give businesses what they’ve never had before with their freight forwarders: deep visibility and control from origin to destination, fast and reliable transit times, and low and predictable supply chain costs." Flexport, which is primarily a freight forwarder, provides customs brokerage services through its subsidiary Flexport Customs.