SoftBank Group Corp.’s Vision Fund is diving into the global freight business, leading a new $1 billion round of funding in Flexport Inc., a six-year-old international shipping broker built by Silicon Valley technology developers.
Based in San Francisco, Flexport arranges ocean- and airfreight shipments for retailers and manufacturers — a $2 trillion global business known as freight forwarding — by using technology and a web interface that mirrors travel-booking websites such as Expedia Group Inc. EXPE, -0.38% and Priceline Group Inc.
The new capital will back the company’s plans to further build its technology by hiring hundreds of additional engineers, and augment its global logistics network by adding physical distribution operations in major cities, Flexport Chief Executive Ryan Petersen said Thursday.
Apart from SoftBank 9984, -1.63% , the round included funding from existing investors Founders Fund, DST Global, Cherubic Ventures, Susa Ventures and SF Express. Michael Ronen, managing partner at SoftBank Investment Advisers, will join Flexport’s board.
An expanded version of this report appears on WSJ.com.
Also popular on WSJ.com:
Police say Jussie Smollett faked hate crime because he was dissatisfied with his salary.
Apple, Goldman Sachs team up on credit card paired with iPhone.
Want news about Asia delivered to your inbox? Subscribe to MarketWatch's free Asia Daily newsletter. Sign up here.
