 | |
| Company type | Private |
|---|---|
| Industry | |
| Founded | 2013; 12 years ago (2013) |
| Founders |
|
| Headquarters | , United States |
Key people | Ryan Petersen (Chairman and CEO) |
| Revenue |  US$3.3 billion (2021)[2] |
Number of employees | 3,200 (2022)[3] |
| Website | flexport |
Flexport Inc. is an Americanmultinational corporation that focuses onsupply chain management andlogistics, includingorder management,delivery,trade financing,insurance,freight forwarding, andcustoms brokerage. The company is headquartered inSan Francisco,California,[4] has thousands of employees and annual revenues of more than $3.3 billion.[1]
Flexport's software integrates and connectsERP 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 aSeries C round.[6]
In May 2015, the company told Chinese media outlet36Kr 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 asPeter Thiel’sFounders Fund,First Round Capital andGoogle Venture.[4][8] In July 2016, it had 420 employees in seven offices, includingAtlanta,Amsterdam,Hong Kong andShenzhen, and was worth $365 million.[8] In a 2017 interview toForbes, Flexport's CEO Ryan Petersen said the company started opening their own warehouses for consolidating cargo customer shipments located inHong Kong andL.A. with plans "to have a global network where we can load and unload cargo".[9]
During theCOVID-19 pandemic in 2020, Flexport announced layoffs along with otherSilicon 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 thatAmazon worldwide consumer chief Dave Clark would be joining Flexport as its new CEO.[13]
In May 2023,Shopify sold its logistics service to Flexport in exchange for 13% of the company.[14] Clark resigned in September 2023 after one year in the role to founder and then executive chair Ryan Petersen.[15] Ryan Petersen regained the CEO position after the departure of Clark.[16] Upon his return, he immediately rescinded dozens of offers from successful applicants starting as soon as three days later.[17]
In November 2023, Flexport purchased the assets ofConvoy, a former trucking software company previous valuated at over $1 billion that had shuttered operations several weeks before.[18]
On January 19th, 2024, it was announced that the company had taken on an investment of $260 million fromShopify.[19]
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