Investments · Logistics (freight forwarding)
SoftBank Vision Fund leads $1 billion round in freight forwarder Flexport
- Investor
- SoftBank Vision Fund (SoftBank Group) (Tokyo)
- In
- Flexport, San Francisco, California
- Value
- $1B Series E (SVF-led)
- Status
- Announced on February 21, 2019; closed in the second quarter of 2019.
- Date
- 2019-02-21
SoftBank Vision Fund led a $1 billion Series E round in Flexport, a San Francisco freight forwarder that uses software to manage shipments by air, ocean, rail and truck. Existing investors including Founders Fund and DST Global also took part, and SoftBank received one board seat. Flexport did not disclose its valuation.
Why it matters
The round brought large Vision Fund money into the technology of global freight, a business long run on paperwork and phone calls. It gave Flexport capital to compete as Amazon expanded its own logistics services.
The company
Flexport describes itself as a modern freight forwarder. Besides moving freight, it handles customs data and gives customers information on costs, container use, emissions and shipment tracking. It also serves smaller shipments that do not fill a container. Its revenue roughly doubled in 2018 to almost $500 million, and it had close to 1,000 employees in 11 offices.
Terms
The round was expected to close in the second quarter of 2019, pending regulatory approval. SoftBank managing partner Michael Ronen joined Flexport's board, and the Vision Fund did not receive additional share preferences.
Sources
Kakehashi M&A News home
