Flexport Raises $935 Million in New Funding Round for Tech-Enabled Freight Operations

Flexport, a provider of technology-forward freight services, has raised new money and added new leadership to its board, hoisting its valuation to $8 billion.

On Monday, the company said it raised $935 million in a Series E investment round led by venture-capital giant Andreessen Horowitz and billionaire Michael Dell’s MSD Partners. Canada-based e-commerce platform Shopify Inc., which had been working to expand its own fulfillment network, joined the funding round.

Bob Swan, a former chief executive of chip giant Intel Corp. who joined Andreessen Horowitz last year as a growth operating partner, will serve on the Flexport board, while representatives from Shopify and MSD Partners will join as board observers, Flexport said.

Flexport said previous investors DST Global, Founders Fund and SoftBank Group Corp.’s Vision Fund also participated. In 2019, the Vision Fund led a $1 billion Series D funding round that brought Flexport’s valuation to $3.2 billion.