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{{Short description|American supply chain management and logistics company}} |
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{{Infobox company |
{{Infobox company |
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| name = Flexport Inc. |
| name = Flexport Inc. |
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| logo = Flexport logo.svg |
| logo = Flexport logo.svg |
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| logo_caption = |
| logo_caption = |
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| type = Private |
| type = [[Privately held company|Private]] |
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| industry = {{unbulleted list|[[Logistics]]|[[ |
| industry = {{unbulleted list|[[Logistics]]|[[supply chain management]]}} |
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| foundation = {{start date and age|2013}} |
| foundation = {{start date and age|2013}} |
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| founders = {{unbulleted list|Ryan Petersen| David Petersen}} |
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| location_city = [[San Francisco]], [[California|CA]]<ref>{{cite web |url=https://www.forbes.com/sites/brucerogers/2016/02/25/ryan-petersens-flexport-aims-to-simplify-global-freight-transport-business/#5e8ef6be7dcf|title=Ryan Petersen's Flexport Aims To Simplify Global Freight Transport Business|website=[[Forbes]]|access-date=2019-03-18}}</ref> |
| location_city = [[San Francisco]], [[California|CA]]<ref>{{cite web |url=https://www.forbes.com/sites/brucerogers/2016/02/25/ryan-petersens-flexport-aims-to-simplify-global-freight-transport-business/#5e8ef6be7dcf|title=Ryan Petersen's Flexport Aims To Simplify Global Freight Transport Business|website=[[Forbes]]|access-date=2019-03-18}}</ref> |
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| location_country = United States |
| location_country = United States |
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| locations = |
| locations = |
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| area_served = |
| area_served = |
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| revenue = {{increase}} US$3.3 billion (2021)<ref>{{cite web | |
| revenue = {{increase}} US$3.3 billion (2021)<ref>{{cite web |url=https://www.forbes.com/sites/alexkonrad/2022/02/07/flexport-is-silicon-valleys-solution-to-the-supply-chain-mess-why-do-insiders-hope-it-sinks |title=Flexport is Silicon Valley's Solution to the Supply Chain Mess—Why do Insiders Hope It Sinks? | website=[[Forbes]] }}</ref> |
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| key_people = |
| key_people = Ryan Petersen <br> {{small|(Chairman and CEO)}} |
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| num_employees = 3,200 (2022)<ref name=cnbc-01>{{cite web |url=https://www.cnbc.com/2023/01/11/flexport-to-lay-off-20percent-of-its-global-workforce.html |title=Flexport to lay off 20% of its global workforce |date=2023-01-11 |last=de León |first=Riley |website=[[CNBC]]}}</ref> |
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| num_employees = 1001-5000<ref>https://www.linkedin.com/company/flexport/ {{Self-published source|date=June 2022}}</ref> |
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| homepage = {{URL| |
| homepage = {{URL|flexport.com}} |
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}} |
}} |
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⚫ | '''Flexport Inc.''' is an American [[multinational corporation]] that focuses on [[supply chain management]], including [[freight forwarding]] and [[customs brokerage]]. The company is headquartered in [[San Francisco]], [[California]],<ref name=":1">{{Cite web |last=Rogers |first=Bruce |title=Ryan Petersen's Flexport Aims To Simplify Global Freight Transport Business |url=https://www.forbes.com/sites/brucerogers/2016/02/25/ryan-petersens-flexport-aims-to-simplify-global-freight-transport-business/ |access-date=2019-03-19 |website=Forbes |language=en}}</ref> has thousands of employees and has annual revenues of more than $3.3 billion. |
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⚫ | '''Flexport Inc.''' is an American [[multinational corporation]] that focuses on [[supply chain management]] and [[logistics]], including [[Order management system|order management]], [[Delivery (commerce)|delivery]], [[Trade finance|trade financing]], [[insurance]], [[freight forwarding]] and [[customs brokerage]]. The company is headquartered in [[San Francisco]], [[California]],<ref name=":1">{{Cite web |last=Rogers |first=Bruce |title=Ryan Petersen's Flexport Aims To Simplify Global Freight Transport Business |url=https://www.forbes.com/sites/brucerogers/2016/02/25/ryan-petersens-flexport-aims-to-simplify-global-freight-transport-business/ |access-date=2019-03-19 |website=Forbes |language=en}}</ref> has thousands of employees and has annual revenues of more than $3.3 billion. |
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==Business== |
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⚫ | Flexport's software integrates and connects [[Enterprise resource planning|ERP]] data from various companies involved in a supply chain, which allows them to manage information about cargo and streamline freight processing.<ref>{{Cite web|date=2020-12-23|title=FreightTech 25: Flexport demystifies trade with more visibility tools|url=https://www.freightwaves.com/news/freighttech-25-flexport-demystifies-trade-with-more-visibility-tools|access-date=2021-01-03|website=FreightWaves|language=en-US}}</ref> |
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==Corporate history== |
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It has raised $304M as of 2017, including $110M in its latest [[Venture round#Round names|Series C round]].<ref>{{Cite news|url=https://www.forbes.com/sites/susanadams/2017/09/26/freight-startup-flexport-raises-110-million-and-turns-down-a-1-billion-valuation |title=Freight Startup Flexport Raises $110 Million And Turns Down A $1 Billion Valuation |date=October 26, 2017 |work=Flexport|access-date=January 3, 2018 |language=en-US}}</ref> |
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⚫ | Flexport's software integrates and connects [[Enterprise resource planning|ERP]] data from various companies involved in a supply chain, which allows them to manage information about cargo and streamline freight processing.<ref>{{Cite web|date=2020-12-23|title=FreightTech 25: Flexport demystifies trade with more visibility tools|url=https://www.freightwaves.com/news/freighttech-25-flexport-demystifies-trade-with-more-visibility-tools|access-date=2021-01-03|website=FreightWaves|language=en-US}}</ref> As of 2017, it had raised $304M, including $110M in a [[Venture round#Round names|Series C round]].<ref>{{Cite news|url=https://www.forbes.com/sites/susanadams/2017/09/26/freight-startup-flexport-raises-110-million-and-turns-down-a-1-billion-valuation |title=Freight Startup Flexport Raises $110 Million And Turns Down A $1 Billion Valuation |date=October 26, 2017 |work=Flexport|access-date=January 3, 2018 |language=en-US}}</ref> |
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In a 2017 interview to ''[[Forbes]]'', Flexport's CEO Ryan Petersen said the company started opening their own warehouses for consolidating cargo customer shipments located in [[Hong Kong]] and [[Los Angeles|L.A.]] with plans "to have a global network where we can load and unload cargo".<ref>{{Cite web|url=https://www.forbes.com/sites/forbestreptalks/2017/07/28/flexport-wants-to-do-for-freight-shipping-what-fedex-does-for-small-packages/| |
In May 2015, the company told Chinese media outlet 36kr.com that they were on pace to generate $60 million in sales for 2015.<ref>{{cite web|url=http://36kr.com/p/532787.html|title=货运业的Uber来了,Flexport开启大宗物流透明化的2.0时代_36氪|work=36氪|date=12 May 2015 |access-date=22 February 2016}}</ref> It had more than 600 customers in 2016. As of 2017, Flexport has raised $94 million in venture capital from such investors as [[Peter Thiel|Peter Thiel’s]] [[Founders Fund]], [[First Round Capital]] and [[GV (company)|Google Venture]].<ref name=":1" /><ref name=":2">{{Cite web|url=https://www.forbes.com/sites/forbestreptalks/2017/07/28/flexport-wants-to-do-for-freight-shipping-what-fedex-does-for-small-packages/|title=Flexport Wants To Do For Freight Shipping What FedEx Does For Small Packages|last=Adams|first=Susan|website=Forbes|language=en|access-date=2019-03-19}}</ref> In July 2016, it had 420 employees in seven offices, including [[Atlanta]], [[Amsterdam]], [[Hong Kong]] and [[Shenzhen]], and was worth $365 million.<ref name=":2" /> In a 2017 interview to ''[[Forbes]]'', Flexport's CEO Ryan Petersen said the company started opening their own warehouses for consolidating cargo customer shipments located in [[Hong Kong]] and [[Los Angeles|L.A.]] with plans "to have a global network where we can load and unload cargo".<ref>{{Cite web |last=Adams |first=Susan |title=Flexport Wants To Do For Freight Shipping What FedEx Does For Small Packages |url=https://www.forbes.com/sites/forbestreptalks/2017/07/28/flexport-wants-to-do-for-freight-shipping-what-fedex-does-for-small-packages/ |access-date=March 19, 2019 |website=Forbes |language=en}}</ref> |
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In 2021, Flexport participated in seed round investment of Pakistan-based trucking startup Bridgelinx.<ref>{{cite news |title=Digital freight marketplace BridgeLinx raises $10 million in Pakistan's largest seed funding |url=https://techcrunch.com/2021/09/13/digital-freight-marketplace-bridgelinx-raises-10-million-in-pakistans-largest-seed-funding/ |access-date=26 November 2021 |work=TechCrunch}}</ref> In 2022, Flexport "raised $935 million in a Series E funding round that values the freight forwarding company at $8 billion". It has raised $2.3 billion since its inception.<ref>{{Cite web|last=León|first=Riley de|date=2022-02-07|title=Freight forwarding firm Flexport raises nearly $1 billion in funding, adds Shopify, Michael Dell as investors|url=https://www.cnbc.com/2022/02/07/flexport-raises-nearly-1-billion-as-shopify-michael-dell-invest.html|access-date=2022-02-09|website=CNBC|language=en}}</ref> In June 2022, Flexport announced that [[Amazon (company)|Amazon]] worldwide consumer chief Dave Clark would be joining Flexport as its new CEO.<ref>{{Cite web |last=Palmer |first=Annie |date=2022-06-08 |title=Amazon consumer chief Dave Clark to join Flexport as its new CEO |url=https://www.cnbc.com/2022/06/08/amazon-consumer-chief-dave-clark-joins-flexport-as-its-new-ceo.html |access-date=2022-06-10 |website=CNBC |language=en}}</ref> |
During the COVID-19 pandemic in 2020, Flexport announced layoffs along with other Silicon Valley tech startups.<ref>{{Cite news|last=Griffith|first=Erin|date=2020-02-24|title=As the Start-Up Boom Deflates, Tech Is Humbled (Published 2020)|language=en-US|work=The New York Times|url=https://www.nytimes.com/2020/02/24/technology/tech-start-up-boom-deflate.html|access-date=2021-03-12|issn=0362-4331}}</ref> In 2021, Flexport participated in seed round investment of Pakistan-based trucking startup Bridgelinx.<ref>{{cite news |title=Digital freight marketplace BridgeLinx raises $10 million in Pakistan's largest seed funding |url=https://techcrunch.com/2021/09/13/digital-freight-marketplace-bridgelinx-raises-10-million-in-pakistans-largest-seed-funding/ |access-date=26 November 2021 |work=TechCrunch}}</ref> In 2022, Flexport "raised $935 million in a Series E funding round that values the freight forwarding company at $8 billion". It has raised $2.3 billion since its inception.<ref>{{Cite web |last=León |first=Riley de |date=2022-02-07 |title=Freight forwarding firm Flexport raises nearly $1 billion in funding, adds Shopify, Michael Dell as investors |url=https://www.cnbc.com/2022/02/07/flexport-raises-nearly-1-billion-as-shopify-michael-dell-invest.html |access-date=2022-02-09 |website=CNBC |language=en}}</ref> In June 2022, Flexport announced that [[Amazon (company)|Amazon]] worldwide consumer chief Dave Clark would be joining Flexport as its new CEO.<ref>{{Cite web |last=Palmer |first=Annie |date=2022-06-08 |title=Amazon consumer chief Dave Clark to join Flexport as its new CEO |url=https://www.cnbc.com/2022/06/08/amazon-consumer-chief-dave-clark-joins-flexport-as-its-new-ceo.html |access-date=2022-06-10 |website=CNBC |language=en}}</ref> Clark resigned in September 2023 after one year in the role to founder and then executive chair Ryan Petersen.<ref>{{Cite web |last=Goswami |first=Annie Palmer,Rohan |date=2023-09-06 |title=Flexport CEO Dave Clark resigns from logistics startup after one year in the role |url=https://www.cnbc.com/2023/09/06/flexport-ceo-dave-clark-resigns-from-logistics-startup-after-one-year-in-the-role.html |access-date=2023-09-06 |website=CNBC |language=en}}</ref> In May 2023, [[Shopify]] sold its logistics service to Flexport in exchange for 13% of the company.<ref>{{Cite news |date=2023-05-04 |title=Shopify sells shipping service firm Deliverr, other assets amid narrowing ambitions |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/technology/shopify-sells-shipping-service-firm-deliverr-other-assets-amid-narrowing-ambitions/articleshow/99990262.cms |access-date=2023-05-04 |issn=0013-0389}}</ref> In September 2023, Ryan Petersen regained the CEO position after the departure of Dave Clark.<ref>{{cite news |last1=Young |first1=Liz |last2=Mattioli |first2=Dana |title=WSJ News Exclusive {{!}} Dave Clark Resigns as Flexport CEO |url=https://www.wsj.com/articles/dave-clark-resigns-as-flexport-ceo-b55fe73e |work=Wall Street Journal |date=6 September 2023}}</ref> In November 2023, Flexport purchased the assets of [[Convoy (company)]], a former trucking software company previous valuated at over $1 billion that had shuttered operations several weeks before.<ref>{{Cite web |last=Bellan |first=Rebecca |date=2023-11-02 |title=Flexport acquires technology of former digital freight unicorn Convoy |url=https://techcrunch.com/2023/11/01/flexport-acquires-technology-of-former-digital-freight-unicorn-convoy/ |access-date=2024-02-27 |website=TechCrunch |language=en-US}}</ref> On January 19th, 2024, it was announced that the company had taken on an investment of $260 million from Shopify. <ref>{{Cite web |last=Coates |first=Alex |title= Flexport raises $260M from Shopify |url=https://finance.yahoo.com/news/flexport-raises-260m-shopify-004713793.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAJo_byJW22YiCKpvRTtSrztNQYgvq0aMh4IzzLiT0yEhwuOswD6ek65NJN9dSPaGxEQvHU8gQW2-E8SdfSPG37pfCX-etgzSKCTOKCXDPnZKpvyYS1qO5RE4ME8cgEjAqxIqWG1CzFCaGLei4RO9COkqXK0mQ7aghHu6YAMED2Ir |date=2024-01-19 |website=YahooFinance |language=en}}</ref> |
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== Growth == |
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In May 2015, the company told Chinese media outlet 36kr.com that they were on pace to generate $60M in sales for 2015.<ref>{{cite web|url=http://36kr.com/p/532787.html|title=货运业的Uber来了,Flexport开启大宗物流透明化的2.0时代_36氪|work=36氪|date=12 May 2015 |access-date=22 February 2016}}</ref> It had more than 600 customers in 2016. It has increased revenue by 25% every month in the 30 months since Flexport was founded, according to Petersen. As of 2017, Flexport has raised $94 million in venture capital from such investors as [[Peter Thiel|Peter Thiel’s]] [[Founders Fund]], [[First Round Capital]] and [[GV (company)|Google Venture]].<ref name=":1" /><ref name=":2">{{Cite web|url=https://www.forbes.com/sites/forbestreptalks/2017/07/28/flexport-wants-to-do-for-freight-shipping-what-fedex-does-for-small-packages/|title=Flexport Wants To Do For Freight Shipping What FedEx Does For Small Packages|last=Adams|first=Susan|website=Forbes|language=en|access-date=2019-03-19}}</ref> In July 2016, it had 420 employees in seven offices, including [[Atlanta]], [[Amsterdam]], [[Hong Kong]] and [[Shenzhen]], and was worth $365 million.<ref name=":2" /> |
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In August 2018 Flexport was named the 8th fastest growing company in USA with a three-year growth of 15,911%.<ref>{{Cite web|url=https://www.inc.com/guadalupe-gonzalez/2018-inc5000-top-companies.html|title=These Are the 10 Fastest-Growing Companies in America in 2018|date=2018-08-15|website=Inc.com|access-date=2019-02-14}}</ref> |
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In 2019, Flexport was named to the 2019 CNBC Disruptor 50,<ref>{{Cite web|url=https://www.cnbc.com/2019/05/14/flexport-2019-disruptor-50.html|title=24. Flexport|last=staff|first=CNBC com|date=2019-05-15|website=CNBC|language=en|access-date=2020-03-31}}</ref> [[CNBC]]'s annual list of private companies that are transforming the economy, and [[Inc. (magazine)|Inc.'s]] Best Workplaces.<ref>{{Cite web|url=https://www.inc.com/best-workplaces-2019.html|title=The 346 Best Places to Work in 2019|last=staff|first=Inc|date=2019-05-16|website=Inc.com|access-date=2020-03-31}}</ref> |
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During the COVID-19 pandemic in 2020, Flexport announced layoffs along with other Silicon Valley tech startups.<ref>{{Cite news|last=Griffith|first=Erin|date=2020-02-24|title=As the Start-Up Boom Deflates, Tech Is Humbled (Published 2020)|language=en-US|work=The New York Times|url=https://www.nytimes.com/2020/02/24/technology/tech-start-up-boom-deflate.html|access-date=2021-03-12|issn=0362-4331}}</ref> |
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In December 2021 Flexport launched the Flexport Certified Partner Network to bring together local expertise and global accessibility.<ref>{{Cite web |last=Inc |first=Flexport |title=Flexport Launches Certified Partner Network |url=https://www.prnewswire.com/news-releases/flexport-launches-certified-partner-network-301438097.html |access-date=2022-03-15 |website=www.prnewswire.com |language=en}}</ref> |
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==References== |
==References== |
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==External links== |
==External links== |
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* |
*{{official website|https://www.flexport.com}} |
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{{US logistics}} |
{{US logistics}} |
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[[Category:Companies based in San Francisco]] |
[[Category:Companies based in San Francisco]] |
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[[Category:Logistics companies of the United States]] |
[[Category:Logistics companies of the United States]] |
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[[Category:Transportation companies based in California]] |
[[Category:Transportation companies based in California]] |
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[[Category:Customs brokers]] |
[[Category:Customs brokers]] |
Latest revision as of 20:32, 27 February 2024
Company type | Private |
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Industry | |
Founded | 2013 |
Founders |
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Headquarters | , United States |
Key people | Ryan Petersen (Chairman and CEO) |
Revenue | US$3.3 billion (2021)[2] |
Number of employees | 3,200 (2022)[3] |
Website | flexport |
Flexport Inc. is an American multinational corporation that focuses on supply chain management and logistics, including order management, delivery, trade financing, insurance, freight forwarding and customs brokerage. The company is headquartered in San Francisco, California,[4] has thousands of employees and has annual revenues of more than $3.3 billion.
Corporate history
Flexport's software integrates and connects ERP data from various companies involved in a supply chain, which allows them to manage information about cargo and streamline freight processing.[5] As of 2017, it had raised $304M, including $110M in a Series C round.[6]
In May 2015, the company told Chinese media outlet 36kr.com that they were on pace to generate $60 million in sales for 2015.[7] It had more than 600 customers in 2016. As of 2017, Flexport has raised $94 million in venture capital from such investors as Peter Thiel’s Founders Fund, First Round Capital and Google Venture.[4][8] In July 2016, it had 420 employees in seven offices, including Atlanta, Amsterdam, Hong Kong and Shenzhen, and was worth $365 million.[8] In a 2017 interview to Forbes, Flexport's CEO Ryan Petersen said the company started opening their own warehouses for consolidating cargo customer shipments located in Hong Kong and L.A. with plans "to have a global network where we can load and unload cargo".[9]
During the COVID-19 pandemic in 2020, Flexport announced layoffs along with other Silicon Valley tech startups.[10] In 2021, Flexport participated in seed round investment of Pakistan-based trucking startup Bridgelinx.[11] In 2022, Flexport "raised $935 million in a Series E funding round that values the freight forwarding company at $8 billion". It has raised $2.3 billion since its inception.[12] In June 2022, Flexport announced that Amazon worldwide consumer chief Dave Clark would be joining Flexport as its new CEO.[13] Clark resigned in September 2023 after one year in the role to founder and then executive chair Ryan Petersen.[14] In May 2023, Shopify sold its logistics service to Flexport in exchange for 13% of the company.[15] In September 2023, Ryan Petersen regained the CEO position after the departure of Dave Clark.[16] In November 2023, Flexport purchased the assets of Convoy (company), a former trucking software company previous valuated at over $1 billion that had shuttered operations several weeks before.[17] On January 19th, 2024, it was announced that the company had taken on an investment of $260 million from Shopify. [18]
References
- ^ "Ryan Petersen's Flexport Aims To Simplify Global Freight Transport Business". Forbes. Retrieved 2019-03-18.
- ^ "Flexport is Silicon Valley's Solution to the Supply Chain Mess—Why do Insiders Hope It Sinks?". Forbes.
- ^ de León, Riley (2023-01-11). "Flexport to lay off 20% of its global workforce". CNBC.
- ^ a b Rogers, Bruce. "Ryan Petersen's Flexport Aims To Simplify Global Freight Transport Business". Forbes. Retrieved 2019-03-19.
- ^ "FreightTech 25: Flexport demystifies trade with more visibility tools". FreightWaves. 2020-12-23. Retrieved 2021-01-03.
- ^ "Freight Startup Flexport Raises $110 Million And Turns Down A $1 Billion Valuation". Flexport. October 26, 2017. Retrieved January 3, 2018.
- ^ "货运业的Uber来了,Flexport开启大宗物流透明化的2.0时代_36氪". 36氪. 12 May 2015. Retrieved 22 February 2016.
- ^ a b Adams, Susan. "Flexport Wants To Do For Freight Shipping What FedEx Does For Small Packages". Forbes. Retrieved 2019-03-19.
- ^ Adams, Susan. "Flexport Wants To Do For Freight Shipping What FedEx Does For Small Packages". Forbes. Retrieved March 19, 2019.
- ^ Griffith, Erin (2020-02-24). "As the Start-Up Boom Deflates, Tech Is Humbled (Published 2020)". The New York Times. ISSN 0362-4331. Retrieved 2021-03-12.
- ^ "Digital freight marketplace BridgeLinx raises $10 million in Pakistan's largest seed funding". TechCrunch. Retrieved 26 November 2021.
- ^ León, Riley de (2022-02-07). "Freight forwarding firm Flexport raises nearly $1 billion in funding, adds Shopify, Michael Dell as investors". CNBC. Retrieved 2022-02-09.
- ^ Palmer, Annie (2022-06-08). "Amazon consumer chief Dave Clark to join Flexport as its new CEO". CNBC. Retrieved 2022-06-10.
- ^ Goswami, Annie Palmer,Rohan (2023-09-06). "Flexport CEO Dave Clark resigns from logistics startup after one year in the role". CNBC. Retrieved 2023-09-06.
{{cite web}}
: CS1 maint: multiple names: authors list (link) - ^ "Shopify sells shipping service firm Deliverr, other assets amid narrowing ambitions". The Economic Times. 2023-05-04. ISSN 0013-0389. Retrieved 2023-05-04.
- ^ Young, Liz; Mattioli, Dana (6 September 2023). "WSJ News Exclusive | Dave Clark Resigns as Flexport CEO". Wall Street Journal.
- ^ Bellan, Rebecca (2023-11-02). "Flexport acquires technology of former digital freight unicorn Convoy". TechCrunch. Retrieved 2024-02-27.
- ^ Coates, Alex (2024-01-19). "Flexport raises $260M from Shopify". YahooFinance.