Flexport Wins $ 1 Billion SoftBank Investment

It's getting harder and harder to call Flexport a small start-up company specializing in logistics, based in San Francisco. Today, the full-service five-year online forwarder has raised $ 1 billion in a round of financing, led by Silicon Valley's SoftBank Vision fund, which brings its total value to 3 , $ 2 billion. With a "b"

Founders Fund Fund, DST Global, Cherubic Ventures, Susa Ventures and Chinese carrier SF Express are among the other investors. Forbes. As a result, Michael Ronen, Managing Partner of Vision Fund, will join Flexport's Board of Directors. Flexport CEO Ryan Petersen will retain majority control of the company.

Flexport has already raised $ 304 million in several fundraisings since 2014 and its revenues reached $ 471 million in 2018, an increase of 110% from its 2017 milestone. Forbes reported. A recent figure, Flexport employed 1,066 people in 11 offices and four warehouses around the world.

Petersen wrote today on the Flexport blog: "We are building something never built before" – a model called "Operating System for Global Commerce", a cloud-based global logistics platform that brings together importers, exporters, ocean carriers and airlines. , warehouses, trucking companies and customs brokerages to "provide in-depth visibility and control from origin to destination".

He also indicated that he wanted to hire software engineers, computer scientists, designers, operations specialists, logistics experts and other staff members for the new technology center. Flexport engineering in Chicago, as well as supporting humanitarian relief efforts, economic development and environmental sustainability as the company grew. .

Zvi Schreiber, CEO of his rival Freightos, wrote on LinkedIn, congratulating Petersen and adding that the injection of funds was "good news" for the entire digital transmissions sector. "Flexport will likely make massive investments in information technology, expand its physical presence (for example, more aircraft) and continue to defend the importance of a modern digital freight experience for customers," wrote Schreiber.

In addition, Flexport also announced today the appointment of Neel Jones Shah, Senior Vice President and Global Air Cargo Manager, to the TIACA Board of Directors. "The freight transportation industry, like much of the supply chain, is going through a period of great change, and the improvement of the collaboration and the the transparency of our industry is paramount for our future, "said Shah.

Last week, Shah confirmed that Flexport would launch a new weekly Hong Kong International (HKG) Private Air Service (PAS) at Chicago O. Hare (ORD), via a Western Airlines-sponsored 747-400F aircraft. . The service will come into service on February 23rd. Flexport also currently operates a weekly service between 747 and 400F between HKG and Los Angeles (LAX).

Those interested in understanding the impact of digital freight forwarders such as Flexport on the air cargo industry are welcome to join us at Cargo Facts Asia 2019, which will be held from April 15th to 17th at Langham Shanghai. For more information or to register, visit the site www.cargofactsasia.com. Early bird discount registration ends March 1st.

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