Technology platform for global trade Flexport has secured US$100 million in funding from China's leading courier company SF Express, allowing the company to expand its operations in Asia and around the world.
SF Express joins existing investors including First Round Capital, Bloomberg Beta, Founders Fund, DST, and Y Combinator.
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 US$3.8 billion worth of merchandise between 97 countries for companies ranging from small and medium-sized businesses to multinational enterprises.
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's managing director in Asia, Henry Ko, commented: "Ensuring constant improvement of customer experience has always been the focus of our business. With funding from SF Express, we will be able to invest more on improving our end-to-end service offerings and operations, and drive better customer experience in Asia and beyond."
"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.
Sources:Schedule
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