Flexport

Flexport offers freight forwarding services powered by automation and software. Flexport's software integrates and links data from different companies involved in a supply chain, enabling them to effectively handle cargo information and streamline the process of freight processing. The company’s product portfolio includes 1) logistics management and transportation solutions for order management, customs, ocean/air/land transportation, and less-than-container loads; 2) fulfillment services such as direct-to-consumer (D2C) fulfillment, wholesale fulfillment, parcel, replenishment, and prep; and 3) trade management services such as factoring, trade advisory, duty drawback, and cargo insurance. In 2021, the company claimed to have moved nearly USD 19 billion worth of merchandise across 112 countries.

Its business model involves charging customers to move their freight, with pricing based on shipping volumes (per unit fulfilled). The company serves globally, with offices in the US, Europe, Hong Kong, and Singapore.

Key customers and partnerships

As of August 2023, Flexport served 10,000+ clients including Caraway, Gerber, Moen, Parade, Outdoor Voices, Rothy’s, Georgia-Pacific, Klean Kanteen, and Bombas.

The company also has strategic partnerships with parties including digital freight matching solutions provider Convoy to provide end-to-end shipment automation over land, sea, and air (June 2021; acquired defunct Convoy’s tech in November 2023 to continue providing the service to Flexport customers) and hybrid-digital freight and third-party logistics (3PL) solutions provider Nolan Transporation Group to offer tech-enabled solutions for greater visibility across global supply chains (July 2022).

Funding and financials

Flexport reported revenue of USD 3.2 billion and a positive EBIT in 2021. However, the company conducted multiple layoffs over the recent years, specifically in January and October 2023 as well as in January 2024, laying off 15–20% of its global workforce each time as part of cost-cutting measures to focus on growth with profitability.

In January 2024, Flexport raised USD 260 million from ecommerce software company  Shopify to bolster its financial confidence as it continued to build its platform for global commerce. Previously, in May 2023, Flexport received an undisclosed amount of funding from Shopify for a 13% equity stake. At the time, Shopify also sold the majority of its logistics businesses, including fulfillment services provider Deliverr (a company Shopify acquired in July 2022) to Flexport.