Funding

Flexport notches $8+ billion valuation after new funding round

The company scored a $935 million Series E round.
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Carry on, but there’s something to see here: Flexport said on Monday that it had scored $935 million in funding, valuing the logistics company at $8+ billion.

  • The Series E round was led by Andreessen Horowitz and MSD Partners; Shopify also participated, among other investors.
  • Flexport last raised $$ in 2019: $1 billion.

Lots of demand: Investors are increasingly looking to tech to take on supply-chain disruptions—pouring $24.3 billion in VC funding into such startups throughout the first three quarters of 2021, per Pitchbook data. And Flexport looks to have found its sweet spot since it was founded in 2013.

The freight forwarding company, which uses its software to integrate supply-chain data, had $3.3 billion in sales in 2021 (up from $1.3 billion in 2020), according to Forbes.

  • It’s also the “world’s seventh biggest buyer of cargo room” on those busy trans-Pacific routes, per the magazine, despite not owning its own ships, planes, or trains.

“Our industry thinks I’m a clown, which I don’t mind,” Flexport founder Ryan Petersen told Forbes. “I need to continue to convince them that I’m crazy so they don’t get their act together and compete with us.”—JS

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