Global logistics platform Flexport announced Monday it is looking to close a $935 million series E investment round by the end of the first quarter that will value the company at over $8 billion.
The round is being led by Andreessen Horowitz and MSD Partners with participation from strategic investor Shopify; existing investors DST Global, Founders Fund and SoftBank Vision Fund 1; and new investor Kevin Kwok.
“Global trade is facing historic challenges, which demand innovative approaches that address both the current difficulties and more systemic issues. … Flexport’s platform, business model and data-driven insights together uniquely position the company to continue making a substantial impact on this multitrillion dollar industry,” said David George, general partner at Andreessen Horowitz, of the platform that was recently ranked No. 7 on FreightWaves’ 2022 FreightTech 25.
Related: FreightWaves’ FreightTech Award list
After doubling revenue in 2021 and moving almost $19 billion in gross merchandise through its platform, the company plans to use the funds to expedite technology developments needed to continue expanding its services into new regions across the globe, increasing its capabilities from the 112 countries where it is currently working.
As part of the transaction, Flexport will welcome Bob Swan, growth operating partner at Andreessen Horowitz, to its board of directors, and Shopify’s and MSD Partner’s unnamed representatives will become board observers.
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