This news comes on the heels of its extended Series E round. The company plans to use the funds to invest in and establish partnerships with new logistics tech companies. Here are the top-line bullets you need to know.
Flexport, a global logistics platform, has raised $935M in an extended Series E. The round drew participation from Andreessen Horowitz, MSD Partners, SoftBank Group, Shopify, and DST Global, among others.
How’s the company performing?
- California-based Flexport offers freight forwarding services via its platform.
- The company’s revenue more than doubled year-over-year to reach $3.2B in 2021.
- Flexport’s technology is used by over 10K clients and suppliers. Georgia-Pacific, Gerber, Klean Kanteen, VictoriaPlum.com, and Cloud Paper are included among its client base.
- The startup is currently supported by a team of nearly 2,700 employees.
- Flexport has offices across 23 global locations, including San Francisco, Amsterdam, London, New York, Shanghai, Singapore, and Taiwan.
Why does the market matter?
- The global digital freight forwarder market is expected to reach $2B by 2025, growing at a CAGR of 16.1%, according to Marketsandresearch.biz.
- Covid-19-induced supply chain disruption has increased the demand for freight management solutions.