Another challenge is Flexport uses other companys transportation modes such as planes, trucks and ships. For most everyone else in the logistics business, it was exasperating. Which funding types raised the most money? That year, any teams request for headcount, they got whatever they asked, Petersen says. 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. Flexport rolled out Platform 2.0, new services in 2019 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. Two major ones are regulators and vendors. We have a chip on our shoulders. Our industry thinks Im a clown, which I dont mind, he says. Flexport - Products, Competitors, Financials, Employees, Headquarters It is not intended to constitute investment advice or any other kind of professional advice and should not be relied upon as such. With a seemingly massive market opportunity and an obvious passion for what seemed a sleepy category, Flexport quickly raised $4 million from a gaggle of name-brand firms. 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. Thats just the reality of being a new company in such a big, complicated business, says Ben Braverman, a longtime Flexport executive and Petersen confidant. Discover how we're making the markets work for all investors. Crane - Investors - Crane Holdings, Co. Fourth Quarter 2022 Earnings Call The starting goal of Flexport was to fix the user experience in global trade. When theres a lot of overcapacity, its not an issue. Why you should check Bupa, HCF and others, You could be overspending on your health insurance, 25 Cheap Dividend Stocks With Safe Yields for 2023. Flexport International, LLC considers itself the OS of global trade. site you are consenting to these choices. 2023 Forbes Media LLC. Flexport has a post-money valuation in the range of $1B to $10B as of Feb 7, 2022, according to PrivCo. After extensive research and analysis, Zippia's data science team found the following key financial metrics. Flexport Company Profile: Valuation & Investors | PitchBook KKR invested in Flexport's Line of Credit funding round. The company was founded in 2014 and is based in Paris, France. For Ergobaby, collaboration helps launch products. Learn how were making Public available in even more places. Americans spent 20% more on goods last fall than in February 2020. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. 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. Edit Post-Money Valuation Data by PrivCo Section. Trusted data backs every move. In the U.S., its a $230 billion business, good for 1.1% of national GDP. Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. EPS of $0.53 beats by $0.06 | Revenue of $5.02B (-4.14% Y/Y) misses by $9.58M. They utilize Flexports proprietary modern technology system to help them route supplies to wherever they are most needed in the world. Track cargoeven if other partners handle it. It is a licensed customs brokerage and freight forwarder built around a modern web application. 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. Its not one of those things where you have a product or you dont, says Founders Funds Trae Stephens. Lead Investor . When Ryan Petersen does his interviews, people in the industry typically get upset because he tends to simplify things a lot. Flexport is raising $935 million in a series E round. CBI websites generally use certain cookies to enable better interactions with. JPMorgan reveals details of First Republic deal in investor presentation 2023 CNBC LLC. The platform boosts operational effectiveness, cuts costs, and helps enhance shipping performance. Check the background of this firm on FINRAs BrokerCheck. These investments are speculative, involve substantial risks (including illiquidity and loss of principal), and are not FDIC or SIPC insured. Flexport IPO: The Latest Updates on Flexport Stock 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. Employees: Flexport aims to create a win-win situation for employees. Flexport is combing through customer data trying to fill each precious container more completely (most ship only 70% full). Over 2021, Flexport blew away its own projections, turning a surprise profit as revenue doubled. Flexport has not yet filed for an IPO. U.S. Treasuries ("T-Bill") investing services on the Public Platform are offered by Jiko Securities, Inc. (JSI), a registered broker-dealer and member of FINRA & SIPC. We let them understand what the consequences were for their portfolio of products. Petersen also hasnt been shy about building his public image. 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. Petersen remains as CEO and Schneberg is now the founder and leader of Flexports impact arm, Flexport.org. Personalize which data points you want to see and create visualizations instantly. Lets explore what type of risks investors might need to consider with a Flexport IPO. It helped set up a private rail ramp in Iowa for goods coming from the West Coast to avoid Chicago congestion. Sales reached $3.3 billion in 2021, up from $1.3 billion in 2020 and $670 million the year before (Flexport passes about 80% of its revenue directly . It offers shipping, logistics, and carrier solutions for consumer goods, food and beverages, retail, manufacturing, life sciences, and other industries. Petersen moved to China in 2005 for two years to source the product firsthand. Flexport and its market looked very different this past October when Petersen had dinner with Stripe cofounder and CEO Patrick Collison. Flexport | Company Overview & News - Forbes Subscribe. Flexport Stock Price, Funding, Valuation, Revenue & Financial Statements Flexport Trade Advisors can supercharge your strategies. Access capital for logistics costs and focus on opportunity. Seeing really is achieving. 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. Start Date . Book logistics. 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, Youre viewing 5 of 66 investments and acquisitions. Flexport's 2018 revenue was $441M - $471M. Ultimately Flexport sued WGA and ended the contract. Kevin Kwok has had 1 past job as the Summer Venture Analyst at IA Ventures. The value of T-bills fluctuate and investors may receive more or less than their original investments if sold prior to maturity. Nominations are officially closed. Early in lockdown, he sent hundreds of thousands of units of personal protective equipment to Wuhan, Chinathen set his team to routing much more back when the virus reached U.S. shores, booking special planes to ship masks by the millions while rallying the public to donate funds. Updated data for US Treasury yield curve. CNBC's 11th annual Disruptor 50 list will be revealed on-air and online this May. Leading the charge in pursuit of new ways to drive growth and strategy is, typically, the chief financial officer (CFO). Flexport is the company aiming to untangle those knots. The company is headquartered in San Francisco, California, [4] has thousands of employees and has annual revenues of more than $3.3 billion. Plus Flexport's in-house experts across transportation, customs, cargo insurance, and working capital deliver an all-in-one solution for large global brands and small businesses alike. Flexport Announces $935 Million in Funding to Advance Resiliency and So he flew down to Los Angeles to see for himself. 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 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. Win whats next. Petersen is used to the sniping by now. 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. No offer to buy securities can be accepted, and no part of the purchase price can be received, until an offering statement filed with the SEC has been qualified by the SEC. 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. For years, Petersen had tinkered with another idea, a TurboTax for customs paperwork, but he needed to clear a rigorous background check (smuggling is one concern) to move goods across the U.S. border. Flexport has 29 investors. Additional information can be found here. Flexport is a digital-first freight forwarder and customs broker, backed by Founders' Fund and Softbank, with about 0.3% market share in the global market for freight forwarders. Open to Public Investing is a wholly-owned subsidiary of Public Holdings, Inc. (Public Holdings). (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.). : Where does your team feel a sense of belonging and inclusivity? Venture Capital-Backed Primary Industry Business/Productivity Software Other Industries Logistics Primary Office 760 Market Street 8th Floor San Francisco, CA 94102 United States +1 (415) 000-0000 Flexport Timeline 2020 2021 2022 2023 Financing Round Captured Employee Count Estimated Employee Growth Want detailed data on 3M+ companies? 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. This has happened in the past when they had a four year contract with Western Global Airlines that was beset with multiple mechanical failures and repair delays. Sign up for free newsletters and get more CNBC delivered to your inbox. He let go of 50 staffers, about 3% of Flexports workforce. When? As the pandemic widened, though, Flexports bruised leader and workforce quickly found purpose. But it was also a warning: Disruption to trade with China could devastate Flexports core business. 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. Early on, the unit shipped 350,000 masks from the U.S. to Wuhan. Ryan preferred studying abroad in Spain and volunteering in El Salvador. Investors need to know that all ventures have risks if they decide to go public shortly. Digitization in the freight industry has been under way for years, with capital flooding into freight forwarders like Flexport, but the expense of upgrading legacy databases with digital tracking systems has slowed the transition. Reddit cofounder Alexis Ohanian, then a YC partner, invested alongside Forbes Midas List star Garry Tan. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. As most in the freight forwarding and global trade business know, logistics managers are front and center on the frontline, responsible for making sure supply chains run smoothly. The Flexport platform streamlines supply chain workflows enabling real-time communication and data-backed decision-making. See Jiko U.S. Treasuries Risk Disclosures for further details. By 2018, Flexport added additional vertical integrations by adding freight financing, chartering its own planes, and operating its own warehouses. This means they aim to compete with the big names of DHL, FedEx and UPS. JSI and Jiko Bank are not affiliated with Public Holdings, Inc. (Public) or any of its subsidiaries. Flexport is a full-service global freight forwarder and logistics platform using modern software to fix the user experience in global trade. Walk into the offices of Flexport and Expeditors, a 40-year-old publicly traded freight forwarder with a market cap of about $19 billion, then strip away all the corporate logos and branding, and youd see that the operations look exactly the same, they claim. 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. 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. Supply chain operations and the freight forwarding process are not the first parts of the organization executives think of when they are looking to optimize to drive transformation and growth. Keep in mind that other fees such as regulatory fees, Premium subscription fees, commissions on trades during extended trading hours, wire transfer fees, and paper statement fees may apply to your brokerage account. There is a possibility of loss. 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. Gruzobzor offers a cloud-based service targeted at the transportation industry to enable carriers, shippers and freight forwarders to share electronic documents and communicate in real-time, therefore increasing efficiency when transporting goods B2B.