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Flexport has secured US$935 million to accelerate its expansion and the development of its technological platform.
The funds will be used to expand into new locations, establish a "logistics tech ecosystem," as well as to invest and partner with new startups in the field.
The freight forwarder noted that the funding brings its approximate market value to more than US$8 billion.
"The global pandemic and the pressure it put on global supply chains has made the transportation of goods — something many people took for granted — a daily pain point," Flexport chief executive Ryan Petersen said.
"This investment signals that the market recognises the need for a tech-enabled logistics ecosystem that has the visibility and resilience to handle unexpected challenges of any scale," Petersen added.
David George, general partner at Andreessen Horowitz, said innovative approaches are needed as global trade is facing historic challenges.
"Flexport's platform, business model, and data-driven insights together uniquely position the company to continue making a substantial impact on this multi-trillion dollar industry," George added.
Flexport said Bob Swan, growth operating partner at Andreessen Horowitz, will join Flexport's board of directors, and representatives from Shopify and MSD Partners will join as board observers and the firm expects the financing to close in the first quarter of the year subject to customary closing conditions, including the receipt of regulatory approvals.
