Freight Forwarder Flexport Raises $260 Million From Shopify
22 January 2024 - 11:37AM
Dow Jones News
By Liz Young
Flexport's chief executive, Ryan Petersen, said Friday that the
freight forwarder raised $260 million on an uncapped convertible
note from Canadian e-commerce service provider Shopify.
A Flexport spokesperson didn't comment on how much cash the
company has on hand or its plans for the funding.
San Francisco-based Flexport was most recently valued at $8
billion in a February 2022 fundraising round that pulled in $935
million.
Petersen has been making sweeping changes at the company over
the past four months as he tries to return the business to
profitability. Flexport's revenue fell sharply in 2023 as shipping
prices plummeted amid weak shipping demand.
The latest fundraising deepens Flexport's relationship with
Shopify after Flexport in May bought Shopify's logistics operation.
Shopify as of September held a 17% stake in Flexport with a seat on
Flexport's board.
Write to Liz Young at liz.young@wsj.com
(END) Dow Jones Newswires
January 21, 2024 19:22 ET (00:22 GMT)
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