FREIGHT forwarder flexport has secured US$935 million in funding to be used to 'accelerate development of its technology platform' and expand, allowing it to continue building a 'logistics tech ecosystem'.
Flexport said the fund would allow it to add new locations and markets and invest and partner with new companies in the industry.
It added that the latest round of funding brings its approximate market value [post money] to more than $8 billion, reports London's Air Cargo News.
'The global pandemic and the pressure it put on global supply chains has made the transportation of goods - something many people took for granted - a daily pain point,' said Flexport chief executive Ryan Petersen.
'This investment signals that the market recognises the need for a tech-enabled logistics ecosystem that has the visibility and resilience to handle unexpected challenges of any scale,' he said.
Said David George, general partner at Andreessen Horowitz: 'Global trade is facing historic challenges, which demand innovative approaches that address both the current difficulties and more systemic issues.
'Flexport's platform, business model, and data-driven insights together uniquely position the company to continue making a substantial impact on this multi-trillion dollar industry.'
Bob Swan, growth operating partner at Andreessen Horowitz, will join Flexport's board of directors, and representatives from Shopify and MSD Partners will join as board observers.
The company expects the financing to close in the first quarter subject to customary closing conditions, including the receipt of regulatory approvals.
Last year, Flexport announced its new 'Partner Network' which it described as a 'ecosystem of logistics service providers'.
SeaNews Turkey
Flexport said the fund would allow it to add new locations and markets and invest and partner with new companies in the industry.
It added that the latest round of funding brings its approximate market value [post money] to more than $8 billion, reports London's Air Cargo News.
'The global pandemic and the pressure it put on global supply chains has made the transportation of goods - something many people took for granted - a daily pain point,' said Flexport chief executive Ryan Petersen.
'This investment signals that the market recognises the need for a tech-enabled logistics ecosystem that has the visibility and resilience to handle unexpected challenges of any scale,' he said.
Said David George, general partner at Andreessen Horowitz: 'Global trade is facing historic challenges, which demand innovative approaches that address both the current difficulties and more systemic issues.
'Flexport's platform, business model, and data-driven insights together uniquely position the company to continue making a substantial impact on this multi-trillion dollar industry.'
Bob Swan, growth operating partner at Andreessen Horowitz, will join Flexport's board of directors, and representatives from Shopify and MSD Partners will join as board observers.
The company expects the financing to close in the first quarter subject to customary closing conditions, including the receipt of regulatory approvals.
Last year, Flexport announced its new 'Partner Network' which it described as a 'ecosystem of logistics service providers'.
SeaNews Turkey
