Founded in 2013, Flexport is a technology-driven logistics company that has emerged as a major disruptor in the supply chain industry. The company, headquartered in San Francisco, aims to make global trade “easy for everyone” by combining a powerful software platform with human expertise to manage the complexities of international shipping [1, 2].
Core Services and Technology
Flexport’s platform serves as a “control tower” for global operations, providing end-to-end visibility and a wide array of services that cover the entire supply chain. Its primary offerings include:
- Freight & Fulfillment: This encompasses ocean, air, and trucking freight services, along with e-commerce, B2B, and parcel fulfillment. The platform allows businesses to book and manage shipments, track cargo in real time, and optimize routes [1].
- Customs & Financial Services: Flexport provides customs brokerage and advisory services to help businesses navigate complex international trade regulations and minimize duties. It also offers trade financing and cargo insurance [1].
- Technology & Data Insights: The heart of Flexport’s value proposition is its technology. The platform integrates data from various parts of the supply chain, offering SKU-level visibility and data-driven insights that help clients make informed decisions, manage costs, and improve efficiency [1].
Growth and Milestones
Since its inception, Flexport has experienced rapid growth, fueled by substantial venture capital funding and a focus on leveraging technology to address longstanding inefficiencies in the logistics sector [3]. Key milestones include:
- Founding: Founded by Ryan Petersen, the company began with a focus on digitizing customs brokerage and later expanded into ocean and air freight [2].
- Funding: Flexport has raised significant capital from a diverse group of investors. In February 2019, it secured a $1 billion Series D round led by SoftBank Vision Fund [4]. This was followed by a $935 million Series E round in February 2022, which valued the company at $8 billion [5].
- Expansion: The company has a global footprint with offices across the Americas, Europe, and Asia, and it has expanded its services to serve more than 10,000 clients in over 112 countries [1, 2]. In a notable acquisition in November 2023, Flexport purchased the assets of Convoy, a former trucking software company [2].
Flexport’s journey reflects the larger trend of technology-driven disruption in traditional industries. By creating a modern, streamlined platform for global trade, the company has positioned itself as a key player in shaping the future of supply chain management.
Citations
- Flexport: The Supply Chain Logistics Platform. Flexport.com. Retrieved from https://www.flexport.com/
- Flexport – Wikipedia. Retrieved from https://en.wikipedia.org/wiki/Flexport
- Flexport Business Breakdown & Founding Story – Contrary Research. Retrieved from https://research.contrary.com/company/flexport
- Flexport Secures $1 Billion in Funding Led by SoftBank Vision Fund. Retrieved from https://www.flexport.com/blog/flexport-secures-usd1-billion-in-funding-led-by-softbank-vision-fund/
- Flexport Raises $935 Million to Boost Resilience and Visibility in Global Supply Chains. Retrieved from https://www.flexport.com/blog/flexport-raises-935-million-to-boost-resilience-and-visibility-in-supply-chains/
