Flexport

About

Flexport is a technology-enabled freight forwarding and global logistics platform founded in 2013 by Ryan Petersen ¹. The company participated in Y Combinator’s Winter 2014 batch ². Headquartered in San Francisco, Flexport provides end-to-end supply chain services including ocean and air freight, trucking, customs brokerage, warehousing, and trade finance ³. The platform connects the multiple companies involved in moving a single shipment — often up to 20 — into a unified, data-driven workflow ⁴. By 2021, Flexport had shipped nearly $19 billion in gross merchandise across 112 countries, with revenue exceeding $3.2 billion ⁵. In September 2023, CEO Dave Clark (formerly of Amazon) departed after roughly one year, and founder Ryan Petersen returned as CEO ⁶. The company laid off approximately 20% of its workforce in late 2023 amid a difficult freight market ⁷.

Funding History

Total raised: approximately $2.3 billion across all rounds ⁸. The Series D valued Flexport at $3.2 billion ¹⁴, and the Series E valued it at $8 billion ⁵.

What Investors Say

Michael Ronen, Managing Partner, SoftBank Investment Advisers (Series D): “Logistics is a $7 trillion industry that is crucial for global trade, yet extraordinarily fragmented. Even the largest companies only hold single-digit market share. Flexport’s pioneering use of technology and its data advantage position the company for exceptional growth in this multi-trillion dollar industry.” ¹²

David George, General Partner, Andreessen Horowitz (Series E): “Global trade is facing historic challenges, which demand innovative approaches that address both the current difficulties and more systemic issues.” ¹⁵

Bram Sugarman, Director of Product Acceleration, Shopify (Series E): “At Shopify, we see firsthand the challenges millions of entrepreneurs face when running their businesses, with logistics being one of the most daunting complexities in commerce today. We are so inspired by the progress Flexport has made in this critical area and are excited to support them in their ambitious mission to modernize the supply chain.” ¹⁵

Paul Graham, Y Combinator Co-Founder: “Flexport is one of those rare startups that will not merely satisfy its market, but grow it. There will be more international trade because of Flexport, and international trade is a very big thing for there to be more of.” ⁹

What Founders Say

Ryan Petersen, Founder and CEO: “Our vision is to unite the planet in a seamless web of commerce, unhindered by physical borders, boundaries or political agendas.” ¹²

“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. This investment signals that the market recognizes the need for a tech-enabled logistics ecosystem that has the visibility and resilience to handle unexpected challenges of any scale.” ¹⁵

“We’re actually out here trying to create value, not just give venture capital money away. It’s counterintuitive. The more the business works, the more cash it needs.” ¹¹

Sources