Logistics company Flexport officially announced today that it raised $260 million in funding from Shopify. The $260 million is in the form of an uncapped convertible note.
Back in May, Flexport bought the assets of Shopify Logistics, including Deliverr. About two years ago, Flexport raised $935 million in Series E funding at about an $8 billion valuation. And with this funding round, Flexport has raised about $2.66 billion in equity and debt.
KEY QUOTES:
“Since I came back to the role of CEO, our team has made massive progress toward returning Flexport to profitability.”
“Further strengthening our cash position with this investment should send a strong message to customers that Flexport is building a long-term sustainable business that will continue to deliver best-in-class technology and services for global businesses.”
“This is an important milestone along our journey to build an end-to-end logistics technology platform to make global commerce so easy that there will be more of it.”
“Our fortress balance sheet continues to be one of our most strategic assets as we navigate the uncertain waters of global trade in the 21st century in pursuit of this vision.”
– Flexport’s CEO Ryan Petersen
