Flexport has raised $110 million in funding to “double down” on its web-based business model for freight forwarding.
CEO Ryan Petersen confirmed that the latest round of funding was led by DST Global and included money from existing investors, including Founders Fund and Susa Ventures. Wells Fargo Strategic Capital is a new investor in Flexport.
“We raised this round because we have proof that our model works, and that means it’s time to double down,” Petersen said. “Flexport is solving real problems in one of the world’s biggest markets, offering clients greater visibility, more accurate data, more transparent pricing and better customer service than conventional wisdom thought possible.”
Flexport uses software to connect all parties in the global supply chain and reportedly is prepared to offer financing and to build out a network of warehouses to store goods for shippers.
“Trade is inherently social,” Petersen stated, “and with every supply chain stakeholder who joins our platform, we get one step closer to fulfilling our dream of powering a seamless web of commerce.”
Based in San Francisco, Flexport has more than 500 employees in nine offices and, according to Petersen, the company is among the top 25 freight forwarders in the transpacific region, although he declined to disclose the firm’s annual revenue or shipping volume.