| Flexport Inc. | |
| Type: | Private |
| Location City: | San Francisco, CA[1] |
| Location Country: | United States |
| Revenue: | US$3.3 billion (2021)[2] |
| Key People: | Ryan Petersen |
| Num Employees: | 3,200 (2022)[3] |
Flexport Inc. is an American multinational corporation that focuses on supply chain management and logistics, including order management, delivery, trade financing, insurance, freight forwarding, and customs brokerage. The company is headquartered in San Francisco, California,[4] has thousands of employees and annual revenues of more than $3.3 billion.[1]
Flexport's software integrates and connects ERP data from various companies involved in a supply chain, which allows them to manage information about cargo and streamline freight processing.[5] As of 2017, it had raised $304M, including $110M in a Series C round.[6]
In May 2015, the company told Chinese media outlet 36kr.com that they were on pace to generate $60 million in sales for 2015.[7] It had more than 600 customers in 2016. As of 2017, Flexport has raised $94 million in venture capital from such investors as Peter Thiel’s Founders Fund, First Round Capital and Google Venture.[8] In July 2016, it had 420 employees in seven offices, including Atlanta, Amsterdam, Hong Kong and Shenzhen, and was worth $365 million. In a 2017 interview to Forbes, Flexport's CEO Ryan Petersen said the company started opening their own warehouses for consolidating cargo customer shipments located in Hong Kong and L.A. with plans "to have a global network where we can load and unload cargo".[9]
During the COVID-19 pandemic in 2020, Flexport announced layoffs along with other Silicon Valley tech startups.[10] In 2021, Flexport participated in seed round investment of Pakistan-based trucking startup Bridgelinx.[11] In 2022, Flexport "raised $935 million in a Series E funding round that values the freight forwarding company at $8 billion". It has raised $2.3 billion since its inception.[12] In June 2022, Flexport announced that Amazon worldwide consumer chief Dave Clark would be joining Flexport as its new CEO.[13] Clark resigned in September 2023 after one year in the role to founder and then executive chair Ryan Petersen.[14] In May 2023, Shopify sold its logistics service to Flexport in exchange for 13% of the company.[15] In September 2023, Ryan Petersen regained the CEO position after the departure of Dave Clark.[16] In November 2023, Flexport purchased the assets of Convoy (company), a former trucking software company previous valuated at over $1 billion that had shuttered operations several weeks before.[17] On January 19th, 2024, it was announced that the company had taken on an investment of $260 million from Shopify. [18]