Flexport is the first digital freight forwarder which was invested by SoftBank in the direction of deepen technology and data capabilities, growth its global logistics infrastructure footprint and development of industry expertise.
SoftBank’s Vision Fund was joined by existing investors in Flexport, including Founders Fund, DST Global, Cherubic Ventures, Susa Ventures and emerging Chinese integrator SF Express.
The investment will see Michael Ronen, managing partner at SoftBank Investment Advisers (SBIA), join the Flexport board, while Ed Shrager, director at SBIA, will serve as a board observer.
Logistics has a crucial role for global trade, yet extraordinarily fragmented,” mentioned Mr. Ronen.
“Even the largest companies only hold single-digit market share.”
