Top Qs
Timeline
Chat
Perspective
Flexport
American supply chain management and logistics company From Wikipedia, the free encyclopedia
Remove ads
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,[3] has thousands of employees and annual revenues of more than $3.3 billion.[4]
Remove ads
History
Summarize
Perspective
Flexport was founded in 2013 by brothers Ryan and David Petersen.[5][6]
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.[7] As of 2017, it had raised $304M, including $110M in a Series C round.[8]
In May 2015, the company told Chinese media outlet 36Kr that they were on pace to generate $60 million in sales for 2015.[9] 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.[3][10] In July 2016, it had 420 employees in seven offices, including Atlanta, Amsterdam, Hong Kong and Shenzhen, and was worth $365 million.[10] 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".[11]
During the COVID-19 pandemic in 2020, Flexport announced layoffs along with other Silicon Valley tech startups.[12]
In 2021, Flexport participated in seed round investment of Pakistan-based trucking startup Bridgelinx.[13]
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.[14] In June 2022, Flexport announced that Amazon worldwide consumer chief Dave Clark would be joining Flexport as its new CEO.[15]
In May 2023, Shopify sold its logistics service to Flexport in exchange for 13% of the company.[16] Clark resigned in September 2023 following disagreements with Flexport founder Ryan Petersen.[17] Petersen regained the CEO position after the departure of Clark.[18] Upon his return, he immediately rescinded dozens of offers from successful applicants starting as soon as three days later.[19]
In November 2023, Flexport purchased the assets of Convoy, a former trucking software company previous valuated at over $1 billion that had shuttered operations several weeks before.[20]
In January 2024, it was announced that the company had taken on an investment of $260 million from Shopify.[21]
Remove ads
References
External links
Wikiwand - on
Seamless Wikipedia browsing. On steroids.
Remove ads