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            may 23, 2019

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Flexport win US$1 billion investment for developing technology


San Francisco forwarder Flexport has secured US$1 billion in funding, which will be used to invest in technology and infrastructure, reports London's Air Cargo News.
Investment was led by Tokyo's SoftBank Vision Fund, with participation from existing investors Founders Fund, DST Global, Cherubic Ventures, Susa Ventures and SF Express, which has previously invested $100 million in the forwarder.
Last year, Flexport doubled revenues, generated nearly $500 million in sales, increased headcount to nearly 1,000 employees, expanded its geographic presence to 11 offices and warehouses around the world.
In September, it achieved the ranking of 11th largest freight forwarder by ocean volume on the world's largest shipping lane, the transpacific eastbound.
"Flexport will use the capital to deepen its technology and data capabilities, grow its global logistics infrastructure footprint, and invest in industry expertise to help clients navigate increasingly complex global trade environments," said the Flexport release.
Flexport said modern companies must be able to deliver products almost instantly and be highly responsive to the expectations of consumers.
"Expectations that are table stakes in the consumer world but that the antiquated global freight forwarding ecosystem is often unable to meet," said Flexport.
"Our vision is to unite the planet in a seamless web of commerce, unhindered by physical borders, boundaries or political agendas," said Flexport CEO Ryan Petersen.
"The Vision Fund shares our belief in using technology to create a better, more interconnected world and their support will propel us into that future, making global trade easier for everyone."
Michael Ronen, managing partner at SoftBank Investment Advisers said: "Logistics is a $7 trillion industry that is crucial for global trade, yet extraordinarily fragmented. Even the largest companies only hold single-digit market share.
"Flexport's pioneering use of technology and its data advantage position the company for exceptional growth in this multi-trillion dollar industry."

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