Book, track and deliver freight shipments from factory floor to customer door. Flexport.org is a social good and sustainability initiative that partners with nonprofits shipping goods to areas of need, companies with excess goods to donate and companies that are looking for innovative ways to reduce carbon emissions. Flexport's latest post-money valuation is from February 2022. Covering venture capital, cloud and startups. It works with at least 20 more across the globe. Much damage had already been done. He outlined some quick fixes, including stacking containers higher and building a new railhead. Their most recent valuation was $3.2 billion. No 21-year-old in college is lying awake at night saying, I need to build the next Flexport.. JPMorgan reveals details of First Republic deal in investor presentation. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Conversely it tooks days before they heard from competitors if at all. It now does much more, helping customers like Georgia-Pacific (Brawny paper towels, Angel Soft toilet paper), plumbing fixtures maker Gerber and speaker maker Sonos handle all the headaches of shipping inventory from factory to warehouse to store. The newest: Andreessen Horowitz, the prominent venture capital firm that joined Founders Fund, e-commerce standout Shopify and others in arming Petersen with a fresh $900 million war chest at an $8 billion valuation in January. With fresh financing, the company says it plans to begin expanding into new markets and accelerate the development of its technology. This story appears in the February/March 2022 issue of Forbes Magazine. Their latest acquisition was Crux Systems on October 10, 2019. Even when importers are willing to pay a premium for a specific spot on a boat on a certain day, capacity has been so limited that no amount of premium payments are sufficient because the existing contracted space is the entire capacity of the transporter ships. The company was founded in 2013 by Ryan Petersen and is based in San Francisco, California. You get invited to interesting things. Developer of a freight forwarding platform designed to provide visibility and control over the entire supply chain. The mission of ODX Flexport is to help build the future of logistics and bring visibility, efficiency and innovation back to an industry that grew 65x since its last major innovation: the invention of the standardized shipping container. Supply cant keep up. With tools to help optimize your modal mix and visibility down to the SKU, you can count on more predictable logistics. From soybeans and automobiles to lumber and lobsters, industries across the board have felt the impact as the U.S. seeks to stimulate demand for its goods and China continues to press for greater global economic influence. January 2018 invested in the Seed round of Elliot, April 2021 invested in the Series B round of Routable, May 2021 invested in the pre-Seed round of Flextock, May 2021 invested in the Series A round of Axle, June 2021 invested in the Series A round of Tajir. Seed, Series A, Private Equity), Alternate or previous names for the organization, Tags are labels assigned to organizations, which identify their belonging to a group with that shared label, Whether an Organization is for profit or non-profit, General contact email for the organization, Total number of sub-organizations that belongs to a parent Organization, Edit Lists Featuring This Company Section. Active, Closed, Last funding round type (e.g. An indication of interest to purchase securities involves no obligation or commitment of any kind. Kevin Kwok has had 1 past job as the Summer Venture Analyst at IA Ventures. Shipping is a huge pond. He engages where a lot of executives wont. A digitized product library creates speed and consistency across your customs documentation, so you and your broker can work in harmony. Here are three things you should know. Flexports centralized tracking and messaging cut out thousands of emails, saving clients an average of four work hours per week. Flexport: Digital Freight Forwarder & Customs Broker Flexport moves freight globally by air, ocean, rail, and truck for the world's leading brands. As it navigates all of these different regulatory bodies, there is the risk that they will struggle to maintain compliance as the complexity of the business increases. Our industry thinks Im a clown, which I dont mind, he says. Petersen admires the neat rows of rectangles colored blue, rust red and an occasional teal, stacked on the post-Panamax-class ship bound for Yokohama, Japan. Turns out Full Container Load shipping (FCL) isnt really full. Petersens thread was quickly retweeted more than 15,000 times, including by Coinbase billionaire CEO Brian Armstrong. CNBC's 11th annual Disruptor 50 list will be revealed on-air and online this May. Cryptocurrencies are not securities and are not FDIC or SIPC insured. Flexport is combing through customer data trying to fill each precious container more completely (most ship only 70% full). Automate orders. Listen to our daily live shows on the latest market news. Flexport's valuation in February 2022 was $7,065 - $8,000M. CNBC's Hugh Son joins 'Squawk Box' to report the latest on JPMorgan's acquisition of First Republic. Investors including Andreessen Horowitz and Michael Dell's MSD Partners are valuing the logistics tech at $8 billion. Lead Investor . 2023 Forbes Media LLC. Past performance is not indicative of future performance. Market and economic views are subject to change without notice and may be untimely when presented here. Flexport is the end-to-end platform for global trade, Dodge Shipping Delays as Much As Possible, Balance Speed and Cost with Your Modal Mix, FlexU: Learn About Supply Chain & Logistics, A Fresh Approach to Clear High Value Goods, Manage Inventory End to End with Flexport, Customs Broker RFP Process: Dos and Don'ts, Go Carbon Neutral in the Flexport Platform. As an investor, you are normally granted access to company-wide performance data such as sales, revenue, profit or loss statements, and so forth. T-bills are subject to price change and availability - yield is subject to change. Flexport has not yet filed for an IPO. People should believe in us.. More impressively, Flexport nearly doubled its revenue from 2020 to 2021, bringing in $3.2 billion. It also rolled out a number of new services and locations and raised $1 billion from an investor group led by Softbank Vision Fund. In January 2019, Petersen sat down to close a deal with Masayoshi Son; 45 minutes later, he walked away with a $1 billion commitment. I wish I could look inside with a HoloLens to see which containers are Flexports, he says, imagining that Microsofts augmented-reality glasses had an X-ray feature. Delivering humanitarian aid from Point A to Point B isnt as easy as, well, getting from Point A to Point B. Learn how were making Public available in even more places. The company reported consistent growth from around $30 million in 2014 to $1.7 billion in 2020. All investments involve the risk of loss and the past performance of a security or a financial product does not guarantee future results or returns. I dont think we took a deep breath for three months, he says. And when the backup of ships waiting to unload at major ports reached a breaking point last fall, it was Petersen who showed up at the Port of Long Beach in California to charter a boat and tweet what he saw, prompting a viral response including a call from Governor Gavin Newsom and an overnight policy change to stack containers higher in local yards. Flexport founder and CEO Ryan Petersen Now the company has over 400 employees in seven offices. Sign up for free newsletters and get more CNBC delivered to your inbox. Which industries has this organization most actively invested in? So let's look at some potential difficulties investors may face if a Flexport IPO date occurs. Soon a team of 25 staff in China was sourcing PPE for Flexports relief efforts full-time. He notes the increase is due not just to increased current demand, but also by retailers re-stocking to be prepared for future demand. What you need to know about a 2021 Flexport IPO, Open to the Public Investing, Inc. Once you sell your business, youre just another rich guy. Forget Meta's Sleek Virtual Reality. Backed by some of Silicon Valleys most prominent VCs and tech billionaires, including Peter Thiels Founders Fund, Yuri Milner and Masayoshi Son, Flexport was founded in 2013 to automate paper customs forms. Flexport owns no trains, planes or ships of its own. It is a licensed customs brokerage and freight forwarder built around a modern web application. Two major ones are regulators and vendors. It tracks shipments for shippers and logistics service providers helping them leverage transportation to deliver better customer service. It depends how desperate we were. Soon he was on the phone with Thiel to explain himself. Flexport has more than 10,000 clients and suppliers in 112 countries and doubled its revenue last year, bringing in $3.2 billion while reporting its first EBIT positive year. Every crisis needs a hero, and Ryan Petersen positioned himself as the face of this, concedes Craig Fuller, who runs an industry data-and-news site called FreightWaves. Get the full list, To view Flexports complete subsidiaries history, request access, To view Flexports complete exits history, request access, Morningstar Institutional Equity Research, Freight-forwarder monitoring and management systems and methods, System and methods for accurate price quoting and generation, Cargo management system and methods of managing cargo, Methods and systems for generating a digital shipping plan, Co-Founder, Co-Chief Executive Officer & Board Member, President of Flexport Ocean and Air & Chief Strategy Officer, Co-Chief Executive Officer & Board Member. It is a licensed customs brokerage and freight forwarder built around a modern web application. Personalize which data points you want to see and create visualizations instantly. Prior to starting Flexport, Petersen founded and led a data-as-service company supporting global shipping for businesses called ImportGenius.com with his brother. Buy fractional shares of fine art, collectibles, and more. Petersen also hasnt been shy about building his public image. It now has offices in 23 countries and is nearing 3,000 employees. When the virus reached Flexports backyard, it scrounged up tens of thousands more to reroute to local hospitals. Customer Relationship Summary, Open to the Public Investings Fee Schedule. Flexport can utilize that data to determine whether it should invest in building out a new product line, enter a new customer vertical, or even just outright acquire the firm it invests in. PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. Want help? Probably not, actually. So he went to work for David, buying trinkets from China to resell, such as gag drivers licenses made out to Elvis Presley. After flipping a container of scooters for a profit on eBay, they moved upmarket to motorsports bikes and parts. Only Flexport delivers deep visibility and control, low and predictable supply chain costs, and faster and more reliable transit times. While there are risks for the company, overall the freight forwarding industry globally is experiencing increased demand.
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