Bloomberg Beta made its third investment in the smart freight service, which has now raised $94m in total and is valued in excess of $300m.
Flexport, the US-based operator of an intelligent freight delivery service, raised $65m in series B funding yesterday from investors including Bloomberg Beta, the early-stage investment arm of media group Bloomberg.
The round also included venture capital firms Founders Fund, Felicis Ventures, First Round Capital and Susa Ventures, and angel investors Yuri Milner and Joe Lonsdale. It valued the company at “well over $300m” according to TechCrunch.
Founded in 2013, Flexport has built an air and sea freight delivery business that includes a software element that provides users with detailed information on their goods and enables them to manage and track all their shipments through a single dashboard.
The funding will be put towards expanding Flexport’s team as it looks to expand internationally. The company has now raised $94m altogether.
Bloomberg Beta first invested as part of a $6.9m seed round in May 2015 that also featured First Round, Susa, Acqequia Capital, A-Grade Investments, Box Group, Cherubic Ventures, Fuel Capital, Funders Club, Hydrazine Capital, Inside Capital, Kindling Capital, Lunch Van Fund, SV Angel, TYLT Lab, Winklevoss Capital, Y Combinator and 34 angel investors.
Founders Fund led a $20m round that closed three months later with backing from Bloomberg Beta, Felicis Ventures, A-Grade Investments, Cherubic Ventures, First Round, Fuel Capital, Funders Club, Google Ventures, Susa Ventures, Y Combinator, Ceyuan Ventures and Fenway Summer Ventures.
Ryan Petersen, Flexport’s chief executive, said: “We are reminded everyday just how hard modernising shipping is. Logistics is a world of exceptions and we are surrounded by problems that occasionally seem intractable.
“So we have been fortunate to have visionary, patient investors who have continued to support us round after round.”
