The new round was led by Andreessen Horowitz and MSD Partners, with participation from Shopify SHOP and existing partners DST Global, Founders Fund, SoftBank Vision Fund, and other investors including Kevin Kwok. The Series E brought its post-money valuation to more than $8 billion, the total amount of raised funds is $2.3 billion.
The San Francisco-based freight company is on the CNBC Disruptor 50 list, saving its customers four working hours a week. Flexport's cloud-based platform analyzes supply chains and suggests the fastest shipping methods. For example, in December 2021, the company helped deliver three planes with potatoes to Japan when McDonald's had to suspend sales due to a shortage of vegetables.
To make better use of costly containers, it diverts lighter, higher-value products, such as Everlane’s popular sweaters, from the sea to the air. It will also add a third Boeing 747-400 freighter to its existing fleet beginning in September 2022.
In 2021, Flexport moved nearly $19 billion in merchandise across 112 countries. Flexport containers are now on almost every ship bound for Asia. The company claims to have doubled its revenue, turning a profit of $37 million for the first time ever.
According to Ryan Petersen, Flexport CEO, “This investment signals that the market recognizes the need for a tech-enabled logistics ecosystem with the visibility and resilience to handle unexpected challenges of any scale.”