US-based freight services platform Flexport has begun advanced talks to raise about $500m in a funding round that will be led by telecommunications group SoftBank, Axios reported yesterday, citing multiple sources.
The funding is set to be closed at a pre-money valuation of roughly $3bn according to one source, though that figure was contradicted by another. The company was valued at $910m as of its 2017 series C round, though it has raised money since.
Founded in 2013, Flexport runs an online platform that enables shippers to manage logistics across road, rail, air and sea. Each delivery is tracked in real time, and the company offers all-inclusive billing as well as end-to-end cargo insurance.
The latest round would come after $304m in earlier funding including a $6.9m seed round featuring GV and Bloomberg Beta, respective corporate venturing subsidiaries of internet and technology conglomerate Alphabet and media group Bloomberg.
Susa Ventures, SV Angel, Tylt Lab, Acqequia Capital, A-Grade Investments, Box Group, Cherubic Ventures, Fuel Capital, First Round Capital, Funders Club, Hydrazine Capital, Inside Capital, Kindling Capital, Lunch Van Fund, Winklevoss Capital and Y Combinator also invested at seed stage.
Flexport then received $20m in a series A round backed by Bloomberg Beta, GV, Susa Ventures, Founders Fund, First Round, A-Grade, Cherubic Ventures, Fuel Capital, Funders Club, Felicis Ventures, Y Combinator, Ceyuan Ventures and Fenway Summer Ventures later the same year.
Bloomberg Beta, Founders Fund, Felicis Ventures, First Round, Susa Ventures and private investors Yuri Milner and Joe Lonsdale subsequently supplied $65m in series B funding for Flexport in 2016 at a valuation greater than $300m.
The company added $110m in the series C round, which was led by DST Global with participation from Wells Fargo Strategic Capital, which invests on behalf of financial services firm Wells Fargo, and existing backers such as Founders Fund and Susa Ventures.
The series C was followed by a $100m investment from logistics service provider SF Express in April 2018. SoftBank has already provided $100m for logistics platform Loggi through its Vision Fund, and the fund is in talks to invest in e-commerce delivery service Delhivery.
