April 30, 2018
Chinese express delivery firm SF Express has invested $100 million in US-headquartered Flexport, a full-service global freight forwarder and logistics platform named last year by Forbes as one of the 25 next billion-dollar startups.
SF Express, China’s leading courier company, now joins existing investors, including First Round Capital, Bloomberg Beta, Founders Fund, DST, and Y Combinator, in backing Flexport’s global expansion plan.
“The strategic partnership allows Flexport to expand its operations in China and around the world,” Flexport said in a statement.
Founded in 2013, Flexport provides businesses with global logistics services including air freight, ocean freight, trucking, cargo insurance, and customs brokerage.
It recently launched its private air freight service, a dedicated 747 that flies twice weekly from Hong Kong to Los Angeles carrying its customers’ cargo.
Last year, Flexport shipped $3.8 billion worth of merchandise between 97 countries for companies including Warby Parker, Peloton, Ring, Bridgestone, and Georgia Pacific.
This year, the company expects to double its warehousing footprint, while opening new offices in Hamburg, Chicago, Taiwan, and Shanghai.
Following the investment from SF Express, Flexport said it will 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. The investment by SF Express, one of the world’s top couriers, will let us create more value for businesses shipping freight internationally,” said Flexport founder and CEO Ryan Petersen.
In 2016, Flexport raised a Series B round of $65 million backed almost entirely by existing investors including Founders Fund, Bloomberg Beta, Felicis Ventures, First Round Capital, Susa Ventures, Yuri Milner, and others.
Forbes also reported last year that the company closed a $110-million Series C funding round that values the company at $910 million.
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