41on last year'sCNBC Disruptor 50list, has raised $2.2 billion to date. Early on, the unit shipped 350,000 masks from the U.S. to Wuhan. The notion that Petersen hasnt earned his stripes runs deeper than all the good press he gets. Money Raised . For a price, Flexport will even offset their carbon footprint. Flexport is the company aiming to untangle those knots. Clark said the tech openings, from entry-level to experienced ones, will be across the U.S. with a focus on Bellevue, Washington, a tech town that houses Amazon and Microsoft. Get the full list, Youre viewing 5 of 132 investors. Via its impact arm, Flexport.org, the company supports mission-focused and ecological sustainability work. Listen to our daily live shows on the latest market news. Supply chain agility can help support core business values, like sustainability. Learn how were making Public available in even more places. But as one of the fastest-growing players in a space called digital freight forwarding, Petersens eight-year-old company is already the worlds seventh-biggest buyer of cargo room on such trans-Pacific routes. Flexport is funded by 90 investors. On the ocean side, weve always spent a lot of time on allocation management, and predicting and booking reliably with the carrier. Flexports biggest competitors are: Telenet Global Logistics, a private travel and leisure company; Bremer Lagerhaus, a publicly traded travel and leisure company; Global Tranz, a travel and leisure company that is a subsidiary of another company; and Echo Global Logistics, a publicly traded tech company. The expanded team will work on building the core product, and improve the tracking system and add more automation to the platform. Reddit cofounder Alexis Ohanian, then a YC partner, invested alongside Forbes Midas List star Garry Tan. "This investment signals that the market recognizes the need for a tech-enabled logistics ecosystem that has the visibility and resilience to handle unexpected challenges of any scale," Petersen said in announcing the deal. Customer Relationship Summary, Open to the Public Investings Fee Schedule. Digital freight network Convoy hits $3.8B valuation. Antidumping duties (ADD) are applied to goods that have been dumped into the U.S. market, sold at prices lower than what would be charged in the exporting countrys home market. (The company doesnt expect to stay in the black as it invests in growth.) An Oracle survey of 1,000 U.S. adults found that 87% reported being negatively affected by shipping struggles; half said theyd canceled an order in recent months. (If Forbes valued Petersens stake using the price of Flexport shares on the secondary markets, hed already be there, worth just over $1.1 billion.). Maybe The Metaverse Is Fun, Friendly, 8-Bit -- And Already Here, Biden's First Year: An Economic Scorecard. When a ship ran aground in the Suez Canal last March, Petersen demystified the situation on social media and in interviews, even publishing a supply chain explainer picture book for kids. Founded in 2013 by Ryan Petersen, Flexport enables buyers, sellers and their logistics partners to ship, store and trade goods on its digital platform. 2023 CNBC LLC. Their latest acquisition was Crux Systems on October 10, 2019. If a vendor has poor performance or a disaster, this will affect Flexports ability to deliver on its promises to its own clients. Its team of logistics experts lets focus on core business by ensuring goods arrive at fulfillment/distribution centers on time and at the lowest cost. JPMorgan reveals details of First Republic deal in investor presentation Covering venture capital, cloud and startups. Flexport is currently testing a new freemium service it will launch this year, one that provides free visibility, carbon tracking and messaging to users even if they dont run freight with Flexport. Nov 2 (Reuters) - Flexport, one of the most valuable logistics startups, is looking to add about 400 engineers to double its technical team by next year, a top company executive told Reuters. The above content provided and paid for by Public and is for general informational purposes only. Market and economic views are subject to change without notice and may be untimely when presented here. This story appears in the February/March 2022 issue of Forbes Magazine. Flexport, one of the most valuable logistics startups, is looking to add about 400 engineers to double its technical team by next year, a top company executive told Reuters. See JSIs FINRA BrokerCheck and Form CRS for further information. Pickup Trucks: With lines of semis now a familiar sight at major hubs, like these at the Port of Oakland, every minute counts. Flexport's product offers a step-change improvement over traditional forwarders by injecting technology into every step of the forwarding process, standardizing data and abstracting complexity from existing manual, paper-based systems into a modern software experience. Flexport - Funding, Financials, Valuation & Investors - CrunchBase Flexport revenue, valuation & growth rate | Sacra Soon a team of 25 staff in China was sourcing PPE for Flexports relief efforts full-time. Build and diversify your portfolio with all the major crypto. Long Beach Mayor Robert Garcia sent the list to his staff; the city eased restrictions on stacking containers the next day. Sons $10 billion investment was on life support. The day after his chartered boat tour of the Long Beach harbor, Petersen shared his findings on Twitter. Order Management delivers orders to suppliers, who book shipments across a global logistics networkright in the Flexport Platform. WeWorks larger-than-life cofounder Adam Neumann was out in matter of weeks. Flexport founder and CEO Ryan Petersen Now the company has over 400 employees in seven offices. The damage control worked. It is a licensed customs brokerage and freight forwarder built around a modern web application. Companies of all sizesfrom emerging. Employees: Flexport aims to create a win-win situation for employees. The start-up was Flexport, and its founder is Ryan Petersen, then an importer of Chinese motorbikes who, frustrated by the complexities of the logistics process, was on a mission to make global trade easy for everyone. 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. Ordering pants, patio chairs, or a couch became a lot more complex amid the global supply chain mess of the last year. So he flew down to Los Angeles to see for himself. Historical or hypothetical performance results are presented for illustrative purposes only. Securities products offered by Open to the Public Investing are not FDIC insured. His father was a government economist, using 1970s-era computers to crunch numbers on Soviet defense spending and running a coding business on the side. Flexport's latest post-money valuation is from February 2022. Poskus predicts this will continue for at least the next two quarters and industry analysts agree. For growth to stick, inventory needs to align tightly with demand. Flexport Raises $935 Million in New Funding Round for Tech - WSJ Flexport revenue is $471.0M annually. In the U.S., its a $230 billion business, good for 1.1% of national GDP. The San Francisco-based company,ranked No. CNBC's 11th annual Disruptor 50 list will be revealed on-air and online this May. This is not an offer, solicitation of an offer, or advice to buy or sell securities or open a brokerage account in any jurisdiction where Open to the Public Investing is not registered. A single dashboard speeds workflows and surfaces insights. Petersen moved to China in 2005 for two years to source the product firsthand. Cryptocurrencies are not securities and are not FDIC or SIPC insured. With fresh. For Petersen, the ground shifted fast. Flexport | Company Overview & News - Forbes 23, 2023 11:47 PM ET Tango Therapeutics, Inc. (TNGX) SA Transcripts. Flexport, a provider of technology-forward freight services, has raised . Personalize which data points you want to see and create visualizations instantly. Tive provides real-time supply chain visibility insights to help logistics professionals manage their in-transit shipments' locations and conditions. Flexport and its market looked very different this past October when Petersen had dinner with Stripe cofounder and CEO Patrick Collison. With logistics partners in more than 80 countries, companies of any size can transport goods to and from more places with greater ease and agility. Flexport was founded to modernize and fix the freight industry. He notes the increase is due not just to increased current demand, but also by retailers re-stocking to be prepared for future demand. Schneberg has a bachelors degree in economics from Humboldt University of Berlin and an MBA from University of California, Berkeley. Explore 9,000+ stocks with company-specific analysis. No surprise, then, that powerful investors keep piling in. One vocal critic frequently refers to Petersen in dismissive LinkedIn posts as Private Ryan. [Flexport has] made a lot of enemies in the space, says a veteran industry exec who didnt want to be named for fear of losing business with Petersen. The chartered planes stopped. JPMorgan-First Republic Deal: Key Points From Buyer's Investor Presentation It is advised that any businesses importing to or exporting out of the UK be prepared for a no-deal Brexit. The company was founded in 2015 and is based in Boston, Massachusetts. Edit Post-Money Valuation Data by PrivCo Section. But industry rivals say the 41-year-old near-billionaire and his startup are all show. Its easier to gain insight with data that is structured for success. Zencargo is a digital freight forwarder and logistics provider. Business Insiders Top 51 Enterprise Startups to Bet Your Career On, Lloyds Loading Lists Freight Forwarder of the Year, #8 on Inc. 5000, a list of the fastest-growing private companies in the U.S, 8th fastest growing company in the USA with a three year growth of 15911%, Breakout Lists Great Companies to Apply For, Clients: Flexport serves and earns money from both importers and exporters, Vendors: Flexport pays to partner with those who own the planes, ships, and trucks. 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. Analyst Briefing Submitters are 7x more likely to receive a qualified connection. It is a licensed customs brokerage and freight forwarder built around a modern web application. If they do end up exploring an IPO in the near future, investors should know all investments have risks. Tango Therapeutics (TNGX) Investor Presentations - Slideshow Kohlberg Kravis Roberts and Hedonova are the most recent investors. 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. But three days after the second half of the money was wired, SoftBank-backed WeWork released its ill-fated public offering prospectus. One challenger with momentum is Chicago-based project44, a pure logistics data play which raised $420 million in January at a $2.6 billion valuation. The basis of this belief is that if you dont prioritize your customers, your business will not be sustainable. Got a confidential news tip? Clark, former consumer chief at Amazon and now co-chief executive at Flexport, said the firm is taking advantage of its strong balance sheet and the less competitive job market for tech talents. Third-party logistics, of which freight forwarding is a big part, amounts to nearly $1 trillion. Lots of people would rather work with project44s Switzerland rather than a brash competitor like Flexport, CEO Jett McCandless argues. Analysts are unclear as to whether the only path towards continuing its successful growth would be an IPO for Flexport. 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. Flexport is a full-service global freight forwarder and logistics platform using modern software to fix the user experience in global trade. Stocks and ETFs. This content is not investment advice. Forbes estimates Petersens 9% stake in Flexport is worth $650 million, after our standard 10% private-company discount. Data is a real-time snapshot *Data is delayed at least 15 minutes. Before taking action based on any such information, we encourage you to consult with the appropriate professionals. 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 has raised a total of $2.4B in funding over 17 rounds. Exclusive interview: Former Amazon consumer chief Dave Clark has a new job: co-CEO, and eventually sole CEO, of $8 billion-valued supply chain software startup Flexport. San Francisco, California, United States 1001-5000 Debt Financing Private www.flexport.com 5,194 Highlights Acquisitions 2 Investments 49 Exits 1 Total Funding Amount $2.4B Contacts 1,016 Employee Profiles 39 Flexport Freight Forwarding Layoffs logistics personnel moves Softbank talent Startups Daily Crunch: Silicon Valley Bank goes bust regulators take control of $175B+ in deposits Haje Jan Kamps. She loves the stories that numbers tell us about business, relationships and health. People should believe in us.. Flexport Raises $935 Million to Boost Resilience and Visibility in Flexport currently has over 3,200 employees across the world, and now has a hybrid work policy, requiring employees to work for two to three days in the office. For years, skeptics have argued that Flexports software does little that you cant find today in competitors offerings big and small. Use Forbes logos and quotes in your marketing. Organization Name . It's a pretty ugly situation out there, says Flexport CEO Ryan Petersen on supply chain disruptions, The pandemic drove Clubhouse to a $4 billion valuation that never looked sustainable, WWE taps Fanatics to sell merchandise at live events like WrestleMania, SummerSlam, How Fanatics and MLB are planning to keep the trading card boom going. Prior to founding Flexport, Schneberg had transportation and logistics experience and was the Founder and leader of the Next Generation Think Tank. Founder Ryan Petersen has positioned himself as shipping's savior, earning Flexport a new $8 billion valuation. Flexport: 2022 CNBC Disruptor 50 Flexport has 29 investors. And in February 2020, when Covid-19 shutdowns in China started to reverberate through the supply chain, Petersen panicked. Flexport Is Silicon Valleys Solution To The Supply Chain MessWhy Do Insiders Hope ItSinks? Which industries has this organization had the most exits in? Freight forwarding means all of the coordination of shipping, packaging, loading and hand-offs to make it so that containers of goods in one location, get to another location via trucks, boats and planes even to retailers on the other side of the world. Its software platform makes it easy for its clients to engage in trade globally. While there are risks for the company, overall the freight forwarding industry globally is experiencing increased demand. Commission-free trading of stocks and ETFs refers to $0 commissions for Open to the Public Investing self-directed individual cash brokerage accounts that trade the U.S.-listed, registered securities electronically during the Regular Trading Hours. The, tion ullamco laboris nisi ut aliquip ex ea commodo consequat. Book, track and deliver freight shipments from factory floor to customer door. So when Thiel announced his public support for Donald Trump, who was championing big new China tariffs during his presidential campaign, Petersen committed a startup sin. Flexport - Crunchbase Company Profile & Funding In fact, in April 2020, CEO Petersen was quoted in a TechCrunch article as saying, Im just having fun. 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. What You Need To Know About Flexport Stock - Just Start Investing Molekule scales its stock by coordinating with suppliers in the Flexport Platform to ensure cargo-ready dates. Petersen remains as CEO and Schneberg is now the founder and leader of Flexports impact arm, Flexport.org. They have raised a total of $1.3 billion from many investors including Softbank, Founders Fund, DST Global, Cherubic Ventures, Susa Ventures and SF Expresslead. Flexport currently has four leading investors: Founders Fund of San Francisco, CA; Softbank Vision Fund of London, England; DST Global of Hong Kong Island, Hong Kong; and SF Express of Jilin, China. According to the WTO, over 80% of global trade utilizes freight financing so this was an important addition for the company. Learn more. (Reporting by Krystal Hu in New York; Editing by Leslie Adler), Over 40? For Flexport, it all means business is booming. The platform boosts operational effectiveness, cuts costs, and helps enhance shipping performance. The company was founded in 2013 by Ryan Petersen and is based in San Francisco, California. The turmoil was good for Flexportit won business simply by reliably showing up. When Ryan Petersen does his interviews, people in the industry typically get upset because he tends to simplify things a lot. US Import Gain Means Flexport Sees No Recession for Some Months, Flexport founder Ryan Petersen reveals his secret for startup recruiting, Tech Moves: Former Expedia leader joins Peerspace; Flexport adds another Amazon exec, Supply Chain Management Companies With More Than $10M in Revenue. Its not one of those things where you have a product or you dont, says Founders Funds Trae Stephens. Privately held Flexport is one of the most valuable logistics startups after raising more than $2 billion in funding. We do not endorse any third parties referenced within the article. Ultimately Flexport sued WGA and ended the contract. Flexport says its Transmission app shaves 40 minutes from ship to chassis. Turns out Full Container Load shipping (FCL) isnt really full. But industry rivals say the 41-year-old near-billionaire and his startup are all. With quick uplift to speed delivery, urgent shipments lift sales. But with the source of that money coming from customers paying through the nose and still facing shipping delays, Petersen wasnt celebrating. Amazon's Devoted Cloud Customers Face A Decision After Outages: Leave, Stay Or Diversify? 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. They started with an undisclosed amount of funding in a seed round from Initialized Capital. Petersen uses two major frameworks in order to maintain company culture and prioritize customer needs. 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. He said, When it went from a Tweet to a tariff, as policy is implemented these days, we were able to engage with our clients within hours. Automate your investment strategy with recurring investments. This material is not intended as a recommendation, offer, or solicitation to purchase or sell securities, open a brokerage account, or engage in any investment strategy. There is a possibility of loss. 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. Flexport Winning $8 Billion Valuation With Tech-Enabled Global After extensive research and analysis, Zippia's data science team found the following key financial metrics. As a general rule, the price of a T-bills moves inversely to changes in interest rates. Trusted data backs every move. Their latest investment was in Portao3 as part of their Seed VC on January 1, 2023. August 2018 acquired Fieldbook for $1.5 million. Want help? An affiliate of Public may be testing the waters and considering making an offering of securities under Tier 2 of Regulation A. Flexport. Customizable reporting and analytics let you find advantages and plan to expand. When you enable T-Bill investing on the Public platform, you open a separate brokerage account with JSI (the "Treasury Account"). It is assuming $122 billion in . The hiring spree . Its freight service includes an online dashboard for businesses to easily understand, purchase, manage, and track the services required Flexport is a full-service global freight forwarder and logistics platform using modern software to fix the user experience in global trade. Now, they extend the same visibility to their own customers. Our presentation of non -GAAP financial measures may not be comparable to similar measures used by other companies. Gross revenue hit $3.3B in 2021, up from $1.3B in 2020 and $670M in 2019. It is a licensed customs brokerage and freight forwarder built around a modern web application. Flexport Flexport is the platform for global logisticsempowering buyers, sellers and their logistics partners with the technology and services to grow and innovate. Flexport manages the shipping of 25 products from a factory in China to two hubs in California and Kentucky and offsets their carbon footprint. Ready for some unsettling news? He utilizes the OKRs system created by Intels Andy Grove and most famously used by Amazon. Two major ones are regulators and vendors. The founders of Flexport are Ryan Petersen and Susanne Schneberg. It is not intended to constitute investment advice or any other kind of professional advice and should not be relied upon as such. The platform arranges goods to be transported and tracks the inventory in real-time in orders carried by the ocean, air, and road freight, enabling logistics companies to optimize transportation routes and. You can connect with her on Twitter at @juliepierceonos. Here are some key takeaways. Petersens bolder proposals, such as the creation of a government-sponsored railhead depot, remain untouched. : How do decisions get made and how do you improve quickly? Its investors include SoftBank Vision Fund (9984.T) and Shopify. Get help and support from our award-winning team. Copyright 2023 CB Information Services, Inc. All rights reserved. Related: You can learn more about IPOs here. "Recruiting has been very challenging for the last couple of years. The company is headquartered in San Francisco, California, [4] has thousands of employees and has annual revenues of more than $3.3 billion. 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. They utilize Flexports proprietary modern technology system to help them route supplies to wherever they are most needed in the world. Flexport was awarded sixth place in FreightWave's 2020 FreightTech 25 competition in November. The company was founded in 2013 by Ryan Petersen and is based in San Francisco, California. Flexport is a full-service global freight forwarder and logistics platform using modern software to fix the user experience in global trade. Investments in T-bills: Not FDIC Insured; No Bank Guarantee; May Lose Value. Treasuries. Of course, the doubters still doubt. Feb 7, 2022: Flexport Series E - Flexport . Petersen grew up surrounded by entrepreneurs in Bethesda, Maryland, just inside D.C.s Capital Beltway. Petersen realized he didnt really know. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. As recently as 2020, Flexport did not seem to be exploring an IPO. And when David was accepted into Y Combinator in 2013 for a construction industryfocused startup, Ryan grabbed an air mattress and tagged along. Six years ago, they were mostly right. That year, any teams request for headcount, they got whatever they asked, Petersen says. Last year, the San Franciscobased firm generated its first profit, posting net income of $37 million. Alternative Assets purchased on the Public platform are not held in an Open to the Public Investing brokerage account and are self-custodied by the purchaser. 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. Flexport's mission is to fix the user experience in global trade and bring the world free trade through technology. Regulators: Flexport applies for and maintains licensure through regulatory bodies. Flexports Revenue Run Rate has shown consistent growth from approximately $30 million in 2014 to $1.7 billion in 2020. Petersens phone lit up with calls from policymakers like Gavin Newsom. Lead Investor . What customers wanted, Petersen realized, was an online destination that handled customs and their bigger concern: freight forwarding. The platform arranges goods to be transported and tracks the inventory in real-time in orders carried by the ocean, air, and road freight, enabling logistics companies to optimize transportation routes and inventory management. It offers shipping, logistics, and carrier solutions for consumer goods, food and beverages, retail, manufacturing, life sciences, and other industries. You can read more about your cookie choices at our privacy policyhere. Sign up for a free trial to see Flexport's valuations in February 2019, April 2018, September 2017 and more. : Where does your team feel a sense of belonging and inclusivity? Track cargoeven if other partners handle it. Americans spent 20% more on goods last fall than in February 2020. Shipments from Asia ex-China have climbed from 13.7% in 2018 to 27.3% in 2019 and 39.0% in the first quarter. Seeing really is achieving. But as Flexports revenue doubled past $200 million, then $400 million, and Petersen kept spending to launch offices in ports from Hamburg to Shenzhen, he caught the eye of the worlds leading expert on brute-forcing ones way to dominant market share: SoftBank. Petersen agrees: I call our sales process like playing Battleship. JSI uses funds from your Treasury Account to purchase T-bills in increments of $100 par value (the T-bills value at maturity). The hiring spree, spearheaded by Dave Clark who joined Flexport in September after two decades at Amazon.com, comes at a time when many big tech companies and venture capital-backed startups are either freezing hiring or laying off employees amid economic uncertainty.