Flexport, a software-led, freight forwarding firm, has announced it has received US$1 billion in funding following investment spearheaded by Japanese technology experts SoftBank.
In a statement, Flexport said the investment included funding from existing partners, such as venture capitalists Founders Fund and internet investment company DST Global.
In the next 5 years flexport will open offices in Singapore, Shanghai, Taipei, Sydney, Mumbai, Dubai, London, Barcelona, Istanbul, Toronto, Mexico City, Cape Town, and São Paolo. Each will be a $50M+ business by 2025. Join today to run one of these regions for us!
— Ryan Petersen (@typesfast) June 9, 2018
The firm claimed the support will “propel us into that future as we use technology to make global trade easier for everyone.”
A brand new Port Technology technical paper looked at the gaps in the supply chain and how digital solutions can fill them
Furthermore, Ryan Petersen, Flexport’s CEO, said in an interview with Forbes that it will use the capital to accelerate the digital transformation of the freight forwarding and global logistics industries.
The announcement is the latest piece of good news for the logistics’ experts. In 2018 it doubled its top-line revenue to $500 million and expanded its global presence to 11 offices and warehouses.
September 2018 also saw it become the 11th biggest freight forwarder by ocean volume on the world’s largest shipping lane, the Transpacific Eastbound.