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. It has experienced rapid growth amid the pandemic-led global supply-chain disruptions. The day after his chartered boat tour of the Long Beach harbor, Petersen shared his findings on Twitter. Molekule scales its stock by coordinating with suppliers in the Flexport Platform to ensure cargo-ready dates. Founder Ryan Petersen has positioned himself as shipping's savior, earning Flexport a new $8 billion valuation. Additional information about your broker can be found by clicking here. CNBC's Hugh Son joins 'Squawk Box' to report the latest on JPMorgan's acquisition of First Republic. 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. 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. The company was founded in 2014 and is based in Paris, France. He created his own list of six questions to help him stay on track: Two other guiding characteristics are discipline and accountability. Learn more. 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 to its shipping partners). Hed rather be seen as shippings Mr. Fix-It. Executive Offices 100 First Stamford Place Stamford, Connecticut 06902 (203) 363-7300 Flexport's latest post-money valuation is from February 2022. Title At Company . Its investors include SoftBank Vision Fund (9984.T) and Shopify. "A common response was, 'Oh, we don't need the internet in this industry. Here are some key takeaways. Stocks and ETFs. Build and diversify your portfolio with all the major crypto. 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. 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. You dont sink the battleship with one pin.. How many investments has this organization made over time? No money or other consideration is being solicited and, if sent in response, will not be accepted. 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. Apex Clearing Corporation, our clearing firm, has additional insurance coverage in excess of the regular SIPC limits. 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. Flexport's latest funding round was a Line of Credit for $200M on October 20, 2022. 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. A few months later, Thiel stepped up to invest againat a more generous price. Nor have they officially released any statement indicating they are exploring one. In 2021, the company moved roughly $19 billion in merchandise, and investors like the company's approach. This story appears in the February/March 2022 issue of Forbes Magazine. Number of Past Jobs 1. Flexport must deal with more than 43 separate trade regulations in the United States alone. If the UK leaves the EU without a trade deal in place, the UK loses access to the European single market with its free movement of goods. For growth to stick, inventory needs to align tightly with demand. To insiders in the famously quiet logistics industry, each interview and TV appearance is more testament to Petersens opportunism than market leadership. Active, Closed, Last funding round type (e.g. (Reporting by Krystal Hu in New York; Editing by Leslie Adler), Over 40? Do not infer or assume that any securities, sectors or markets described in this article were or will be profitable. Claim your profile to get in front of buyers, investors, and analysts. This is a profile preview from the PitchBook Platform. Privately held Flexport is one of the most valuable logistics startups after raising more than $2 billion in funding. Global spending on logistics reached $9 trillion in 2020, about 11% of the worlds gross domestic product, according to consultancy Armstrong & Associates. You can connect with her on Twitter at @juliepierceonos. San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. It primarily caters to the automotive, building materials, consumer goods, food and beverage, manufacturing, oil, gas, and chemicals, and retail industries. Last year, the San Franciscobased firm generated its first profit, posting net income of $37 million. And those in charge of managing freight forwarding might soon find that Dylans line no longer applies. Americans spent 20% more on goods last fall than in February 2020. Which industries do these Sub-Organization operate in? Onboard suppliers. Flexport has 29 investors. Cryptocurrency execution and custody services are provided by Apex Crypto LLC (NMLS ID 1828849) through a software licensing agreement between Apex Crypto LLC and Public Crypto LLC. 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. When the virus reached Flexports backyard, it scrounged up tens of thousands more to reroute to local hospitals. Which types of acquisition does this organization make most frequently. It works with at least 20 more across the globe. Investors: Flexport works to earn a return on investment for their investors. For Flexport, it was a marketing masterstroke, though Petersen swears that wasnt his intent. 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. Petersen explained, "The earliest customers for Flexport we got via Google Adwords, SCO, and sign-ups. Every crisis needs a hero, and Ryan Petersen positioned himself as the face of this. Collison was curious how the backup at Californias ports compared to mysterious bottlenecks in his world of online payments. For a price, Flexport will even offset their carbon footprint. $935M: Jobs. The platform boosts operational effectiveness, cuts costs, and helps enhance shipping performance. Data is a real-time snapshot *Data is delayed at least 15 minutes. Petersen moved to China in 2005 for two years to source the product firsthand. The Office of the United States Trade Representative (USTR) announced the procedure by which companies can request exemptions from the additional 25 percent tariffs placed on List 3 goods imported from China under section 301 of the Trade Act of 1974. 41 in 2021). Flexport raises $935 million to boost resilience and visibility in global supply chains. The company is a global freight forwarder and modern logistics platform whose goal is to fix and improve user experience in global trade. Their latest investment was in Portao3 as part of their Seed VC on January 1, 2023. Its what the public wanted to see., As Petersen positions Flexport to go on offense when the shipping world returns (soon, one hopes) to some semblance of normalcy, hes eager to silence the doubters. When? 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 . Covering venture capital, cloud and startups. Flexport would try to become a profitable business now. It offers shipping, logistics, and carrier solutions for consumer goods, food and beverages, retail, manufacturing, life sciences, and other industries. JPMorgan reveals details of First Republic deal in investor presentation. 136.09K Follower s. Follow. After extensive research and analysis, Zippia's data science team found the following key financial metrics. Who? . As the pandemic widened, though, Flexports bruised leader and workforce quickly found purpose. Amazon's Devoted Cloud Customers Face A Decision After Outages: Leave, Stay Or Diversify? inventory management. We do not endorse any third parties referenced within the article. In August 2018, they started Transmission LLC which provides ELD and GPS technology specific to managing a trucking fleet. 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. He appears sometimes uninformed, says Robert Khachatryan, who founded the 55-person freight forwarder Freight Right Global Logistics in greater Los Angeles in 2007. Got a confidential news tip? Sign up for a free trial to see revenue data from 2021, 2018, 2017 and more. 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. If they do end up exploring an IPO in the near future, investors should know all investments have risks. This transcript may contain forward-looking statements about, among other things, our anticipated operating and financial performance, business plans and prospects; expectations for our product pipeline, in-line products and product candidates, including anticipated regulatory submissions, data read-outs, study starts, approvals, post-approval clinical . 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. Their most recent valuation was $3.2 billion. The gate-crashing younger Petersen made a lasting impression on Paul Graham, the accelerators cofounder, who had an interest in global trade. 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. Founder Ryan Petersen plans to step into an eventual executive chairman role. Flexport's valuation in February 2022 was $7,065 - $8,000M. The following slide deck was published by International Paper Company in conjunction with their 2023 Q1 earnings call . 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. 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. Get the full list, Youre viewing 5 of 66 investments and acquisitions. Take care of your company, so you can take care of your customers, even in times of rapid change. 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 is a full-service global freight forwarder and logistics platform using modern software to fix the user experience in global trade. He utilizes the OKRs system created by Intels Andy Grove and most famously used by Amazon. Ryan preferred studying abroad in Spain and volunteering in El Salvador. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower, Founder: Ryan Petersen (CEO)Launched:2013Headquarters:San FranciscoFunding: $2.2 billionValuation: $8 billionKey technologies: Cloud computingIndustry: LogisticsPrevious appearances on Disruptor 50 List: 2 (No. Updated data for US Treasury yield curve. Pretty much any Asia-bound ship will have at least a container or two filled with California almonds or auto parts put there by Flexports software. The Series E round was led by Andreessen Horowitz and MSD Partners, with participation from Shopify and existing investors Softbank, DST Global and Founders Fund. The expanded team will work on building the core product, and improve the tracking system and add more automation to the platform. The company is a global freight forwarder and modern logistics platform whose goal is to fix and improve user experience in global trade. Analyst Briefing Submitters are 7x more likely to receive a qualified connection. 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. Container stacking had limited impact, Khachatryan says. The damage control worked. KKR invested in Flexport's Line of Credit funding round. The company is headquartered in San Francisco, California, [4] has thousands of employees and has annual revenues of more than $3.3 billion. He outlined some quick fixes, including stacking containers higher and building a new railhead. Via its impact arm, Flexport.org, the company supports mission-focused and ecological sustainability work. Investments in T-bills involve a variety of risks, including credit risk, interest rate risk, and liquidity risk. Prior to starting Flexport, Petersen founded and led a data-as-service company supporting global shipping for businesses called ImportGenius.com with his brother. Petersen suddenly needed to deliver Silicon Valleystyle hypergrowth. The company reported consistent growth from around $30 million in 2014 to $1.7 billion in 2020. No settlement delays. PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. For Flexport, it all means business is booming. All Rights Reserved. Flexport was awarded sixth place in FreightWave's 2020 FreightTech 25 competition in November. (Photo: Jim Allen/FreightWaves) 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? This week, we're checking in with Flexport CEO Ryan Petersen about shipping's meme moment in the Suez, looking into a new venture fund in Oklahoma, mapping ServiceTitan's valuation journey, and diving into food allergies getting investor dollars. Prior to founding Flexport, Schneberg had transportation and logistics experience and was the Founder and leader of the Next Generation Think Tank. Want help? Flexport International, LLC considers itself 'the OS of global trade'. 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. Access the latest trends, expert commentary, and indicators for unique insights into the global economy. Get this delivered to your inbox, and more info about our products and services. Maybe The Metaverse Is Fun, Friendly, 8-Bit -- And Already Here, Biden's First Year: An Economic Scorecard. Their latest funding was raised on Oct 20, 2022 from a Debt Financing round. Digital freight forwarder Nowports reaches $1.1B valuation. Related: You can learn more about IPOs here. EPS of $0.53 beats by $0.06 | Revenue of $5.02B (-4.14% Y/Y) misses by $9.58M. 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. That means faster arrivals and lower landed costs. Delivering humanitarian aid from Point A to Point B isnt as easy as, well, getting from Point A to Point B. These investments are speculative, involve substantial risks (including illiquidity and loss of principal), and are not FDIC or SIPC insured. Additional information can be found here. Listen to our daily live shows on the latest market news. No minimum hold periods. The Vice President of Global Ocean at Flexport, Nerijus Poskus, was quoted in May 2021 by FreightWaves.com as saying the volume of global freight business is at 1.5 pre-pandemic levels. It is not intended to constitute investment advice or any other kind of professional advice and should not be relied upon as such. All Rights Reserved. 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. 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. Flexport has not yet filed for an IPO. Explore 9,000+ stocks with company-specific analysis. Customer Relationship Summary, Open to the Public Investings Fee Schedule. Investors including Andreessen Horowitz and Michael Dell's MSD Partners are valuing the logistics tech at $8 billion. There are six layers to how he evaluates whether he is successfully prioritizing and meeting clients needs: Petersen is proud of Flexports company culture and has worked hard to keep that culture intact even as it grows to keep pace with demand. According to the website, the Flexport vision includes building the first Operating System for Global Trade, a strategic operating model that combines technology and analytics, logistics infrastructure, and hands-on supply chain expertise. The hiring spree . Take San Franciscobased shoemaker Rothys, a Flexport customer since 2017. It sounds like bravado, but for Petersen, 41, its simple math. The company was founded in 2013 by Ryan Petersen and is based in San Francisco, California. Here are three things you should know. For years, skeptics have argued that Flexports software does little that you cant find today in competitors offerings big and small. He engages where a lot of executives wont. Flexport, a provider of technology-forward freight services, has raised . The company was founded in 2014 and is based in Chicago, Illinois. Zencargo is a digital freight forwarder and logistics provider. 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. 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. October 2019 acquired Crux Systems for an undisclosed amount. Buy fractional shares of fine art, collectibles, and more. Petersens older brother David stayed up all night building and managing an early online video-game community. Feb 7, 2022: Flexport Series E - Flexport . Tive provides real-time supply chain visibility insights to help logistics professionals manage their in-transit shipments' locations and conditions. 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. (The company doesnt expect to stay in the black as it invests in growth.) Average folks who never gave a thought to the global supply chain are paying attention now. T-bills are purchased at a discount to the par value and the T-bills yield represents the difference in price between the par value and the discount price. Aggregate funds in your Treasury Account in excess of the T-bill purchases will remain in your Treasury Account as cash. "Recruiting has been very challenging for the last couple of years. Before taking action based on any such information, we encourage you to consult with the appropriate professionals. There isnt a silver bullet for this.. By that point, it was clear to Petersen that while Flexport was growing fast, the logistics market wasnt one where a hard-charging newcomer could sweep the board. Pickup Trucks: With lines of semis now a familiar sight at major hubs, like these at the Port of Oakland, every minute counts. Petersen started chartering planes again, this time for a good cause. In addition, 2021 was the company's first positive year in earnings before interest and taxes (EBIT). I never want to sell the business. One of the benefits of an IPO; however, is a large infusion of capital that can fund expansion of services, infrastructure or both. Flexport Trade Advisors can supercharge your strategies. The Frontline Responders Fund raised over $8 million and used it to engage in direct relief efforts including delivering more than 54 million units of masks, food supplies, medical supplies and medical equipment like oxygen concentrators across five continents. Visibility is a solution to a problem that shouldnt exist, says Adam Banks, the former chief technology and information officer for Maersk, the worlds second-largest ocean carrier, with $40 billion in annual revenue. None of these entities provide legal, tax, or accounting advice. Flexports centralized tracking and messaging cut out thousands of emails, saving clients an average of four work hours per week. Lots of people would rather work with project44s Switzerland rather than a brash competitor like Flexport, CEO Jett McCandless argues. 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. T-bills are subject to price change and availability - yield is subject to change. Conversely it tooks days before they heard from competitors if at all. You can read more about your cookie choices at our privacy policyhere.
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