This Flexport company profile covers the company's valuation, revenue, funding rounds, investors and history. Flexport works in logistics, with a focus on digital freight forwarding and supply chain. It was founded in 2013 and is headquartered in San Francisco, California, United States. Its latest valuation on record is About US$8 billion (post-money) (February 2022). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
US$3.2 billion, more than double 2020 — Annual revenue, 2021 (company-reported), as of 2021. Source: STAT Times.
| Metric | Value | As of | Source |
|---|---|---|---|
| 2026 growth target | About 30% revenue growth, which CEO Ryan Petersen said would make Flexport 'very nicely profitable' | February 2026 | STAT Times |
| Shopify stake | About 17% after a US$260 million uncapped convertible note | 2024 | Coverager |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Jan 2024 | Convertible note | US$260M | Uncapped | Shopify | Coverager |
| Feb 2022 | Series E | US$935M | About US$8B | Andreessen Horowitz and MSD Partners (co-leads); Shopify, DST Global, Founders Fund, SoftBank Vision Fund 1 | Business Wire |
Flexport timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2013 — Flexport is founded in San Francisco by Ryan Petersen (CEO) and David Petersen.
- Feb 2022 — Series E: US$935M, valuing the company at About US$8B. Investors: Andreessen Horowitz and MSD Partners (co-leads); Shopify, DST Global, Founders Fund, SoftBank Vision Fund 1.
- Jan 2024 — Convertible note: US$260M, valuing the company at Uncapped. Investors: Shopify.
- February 2026 — 2026 growth target: About 30% revenue growth, which CEO Ryan Petersen said would make Flexport 'very nicely profitable'.
- 2024 — Shopify stake: About 17% after a US$260 million uncapped convertible note.
Investors
Overview
Flexport is a freight forwarder that uses software to manage global shipping for businesses. A company importing goods from factories in Asia, for example, can use Flexport to book space on ships, planes, trains and trucks, handle customs clearance, store goods in warehouses, and track everything in one online platform. Flexport doesn't own ships or planes; it buys capacity from carriers and coordinates the whole journey, as traditional freight forwarders do, but with more automation and visibility.
Ryan Petersen founded Flexport in San Francisco in 2013 with his brother David Petersen, after years in the import business and finding that tracking shipments relied on phone calls, emails and spreadsheets. Flexport grew rapidly, especially during the pandemic, when supply chains were in turmoil and shipping prices soared. Petersen is CEO, having returned to the role in 2023.
How Flexport makes money
Flexport earns money on the difference between what it charges customers for transport and what it pays carriers, along with fees for customs brokerage, warehousing, fulfilment, trade finance and software. Revenue is heavily influenced by freight rates: when shipping prices are high, revenue rises sharply, and when they fall, revenue drops even if volumes stay the same. That's why gross profit, the money left after paying carriers, is a better measure of the business than revenue.
Revenue and profitability
In 2021, at the peak of pandemic-era shipping prices, Flexport said its revenue more than doubled to US$3.2 billion, moving nearly US$19 billion of merchandise across 112 countries. When freight rates fell sharply in 2022 and 2023, revenue fell too, and Flexport lost money. After restructuring, the company's leadership said it was focused on returning to profit. In February 2026, Petersen said a roughly 30% revenue increase in 2026 would make Flexport "very nicely profitable". The company hasn't published audited figures for recent years in the sources we used.
Funding history
- February 2022, Series E: US$935 million at about an US$8 billion valuation, co-led by Andreessen Horowitz and MSD Partners, with Shopify as a strategic investor, plus DST Global, Founders Fund and SoftBank Vision Fund 1.
- 2023: Flexport acquired Shopify's logistics business, giving Shopify a 13% stake and a board seat.
- January 2024: Shopify invested a further US$260 million through an uncapped convertible note, raising its stake to about 17% according to Shopify's filings.
Since 2022, secondary market indications have pointed to a much lower valuation than the Series E figure, but we haven't seen a new priced round. Our guide to down rounds explains how valuations reset after market peaks.
Leadership turmoil and restructuring
Flexport went through a turbulent 2023. Petersen had stepped back to become executive chairman in 2022, appointing former Amazon executive Dave Clark as CEO. Clark left in 2023, and Petersen returned as CEO. The company cut about 20% of staff in late 2023, with further cuts reported in early 2024, as Petersen said Flexport had overspent. In 2023 it also bought technology assets from Convoy, a digital trucking company that had shut down. The restructuring focused the business on its core forwarding and customs operations.
Tariffs and trade
Changes in US tariffs in 2025 made trade more complicated for importers, increasing demand for customs expertise and supply chain advice. Flexport became a prominent commentator on tariffs and expanded its customs brokerage and trade advisory services. While tariffs can reduce trade volumes, they also make expert help more valuable.
Competitive landscape
Flexport competes with large global forwarders such as Kuehne+Nagel, DSV, DHL Global Forwarding and Expeditors, which have far greater scale, and with other digital forwarders and logistics platforms. Its advantages are its software, customer experience and its relationships with e-commerce businesses, helped by its Shopify partnership.
What to watch next
Watch whether Flexport reaches its 2026 growth target and profitability, freight rate trends, tariff changes, its partnership with Shopify, and IPO plans, which Petersen has said are likely within five years.
Key facts at a glance
Flexport is a San Francisco freight forwarder founded in 2013 by Ryan and David Petersen. It reported US$3.2 billion in revenue for 2021 and raised a US$935 million Series E at about US$8 billion in February 2022. Shopify owns about 17% after a 2023 logistics deal and a US$260 million convertible note in 2024. In 2026, Petersen targeted about 30% revenue growth and profitability.
Why freight forwarding revenue is volatile
Freight forwarders pass most of what customers pay straight through to shipping lines, airlines and truckers. When a container from Shanghai to Los Angeles costs ten times its normal price, as it did in 2021, forwarders' revenue balloons without a matching increase in profit. When prices collapse, revenue shrinks just as quickly. Analysts therefore focus on gross profit per shipment, volumes and operating costs. A forwarder that grew headcount to handle pandemic-era revenue can find itself badly overstaffed when prices normalise, which is what happened to many firms, including Flexport.
Questions to ask a freight forwarder
- How do your prices compare on total landed cost, including customs and fees?
- What visibility do you provide during transit?
- How strong is your customs brokerage, especially with changing tariffs?
- How do you handle delays and disruptions?
Asking for references from businesses that ship similar goods on similar routes is one of the most reliable ways to judge a forwarder before moving significant volumes, because performance can vary a great deal by trade lane and product type.
Reviewing their claims and dispute handling is also worthwhile.
What this means if you're…
An importer: compare forwarders on total landed cost, customs expertise and visibility.
A logistics founder: Flexport shows the risks of scaling costs to match temporary market conditions.
An investor: focus on gross profit and operating costs rather than revenue.
Latest developments (October 2026)
Flexport said in September 2025 that it was only technically profitable in 2025 because of a one-time gain from selling Convoy platform assets, and that it was targeting organic profitability in 2026, according to Sacra. Its valuation was implied at about US$3.8 billion in late 2024 based on Shopify's stake, well below its 2022 peak of about US$8 billion shown above. Tariff changes in 2025 and 2026 increased demand for customs and trade advice while disrupting shipping volumes.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Flexport do?
Flexport is a logistics / digital freight forwarding and supply chain company headquartered in San Francisco, California, United States. It was founded in 2013.
What is Flexport's valuation?
Flexport was valued at About US$8 billion (post-money) as of February 2022, according to CNBC. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Flexport make?
Flexport reported US$3.2 billion, more than double 2020 (annual revenue, 2021 (company-reported)) as of 2021, according to STAT Times.
What was Flexport's latest funding round?
The most recent financing we have verified is a convertible note in Jan 2024: US$260M, at a valuation of Uncapped. Source: Coverager.
Who are Flexport's investors?
Investors named in public announcements include Andreessen Horowitz, MSD Partners, Shopify, DST Global, Founders Fund and SoftBank Vision Fund.
Who founded Flexport?
Flexport was founded in 2013 by Ryan Petersen (CEO) and David Petersen.
Is Flexport a public company?
No. Flexport is a private company (private, venture backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Flexport headquartered?
Flexport is headquartered in San Francisco, California, United States.