Unicorn startup Flexport raises $100 million in funding from SF Express to expand global logistics operations
Full-service global freight forwarder and logistics platform startup, Flexport, announced today it has raised $100 million in funding from SF Express. The strategic partnership allows Flexport to expand its operations in China and around the world. SF Express joins existing investors including First Round Capital, Bloomberg Beta, Founders Fund, DST, and Y Combinator.
Flexport is a technology platform for global trade. Founded in 2013 by Ryan Petersen, the company provides businesses with global logistics services including air freight, ocean freight, trucking, cargo insurance, customs brokerage, and inventory financing. Flexport’s software unlocks efficiencies, improves user experiences, and enables more data-driven decision making for modern logistics teams. In 2017 more than 15,000 companies relied on Flexport to ship $3.8B worth of merchandise between 97 countries. By engineering new infrastructure for international shipping and commerce, Flexport is making global trade easy for everyone.
In just five years Flexport has distinguished itself as the leading software-powered freight forwarder, helping more than 15,000 companies deliver their goods to customers worldwide. In the past year Flexport shipped $3.8B worth of merchandise between 97 countries for companies including Warby Parker, Peloton, Ring, Bridgestone, and Georgia Pacific.
Flexport provides businesses with global logistics services including air freight, ocean freight, trucking, cargo insurance, and customs brokerage. The company plans to increase its investment in technology so it can continue to reduce transaction costs, improve the user experience, and empower supply chain managers to make more data-driven decisions.
“Our mission is to make global trade easy for everyone,” said Flexport’s CEO and founder Ryan Petersen. “The investment by SF Express, one of the world’s top couriers, will let us create more value for businesses shipping freight internationally.”
In 2017 Flexport tripled its revenue while opening new offices in Los Angeles, Atlanta, and Shenzhen. This rapid growth played a role in investors’ enthusiasm for the company. In 2018 Flexport launched its private air freight service, a dedicated 747 that flies twice weekly from Hong Kong to Los Angeles carrying its customers’ cargo. This year the company is expected to double its warehousing footprint, while opening new offices in Hamburg, Chicago, Taiwan, and Shanghai.
“Flexport is one of those companies that will not merely satisfy its market but grow it,” said Flexport investor and founder of Y Combinator, Paul Graham. “There will be more international trade because of Flexport, and international trade is a very big thing for there to be more of.”
SF Holding (SZSE:002352) is a leading integrated logistics service provider and an intelligent logistics operator providing services in China and overseas based on its aviation network, ground network, and information network. Besides China, SF’s international network covers more than 53 countries including the US, Canada, Mexico, Brazil, Japan, South Korea, Vietnam and Thailand. Utilizing big data analytics and cloud computing technologies, SF provides its customers with integrated logistics services from transportation to warehousing management, sales forecasting and data analytics to settlement and financial management, and also extending to supply chain management. SF invests substantial resources in technology covering various fields including drones, autonomous vehicles, robotics, artificial intelligence, GIS, IoT and data analytics with a view to create a new business model combining logistics and artificial intelligence.