He utilizes the OKRs system created by Intels Andy Grove and most famously used by Amazon. One vocal critic frequently refers to Petersen in dismissive LinkedIn posts as Private Ryan. [Flexport has] made a lot of enemies in the space, says a veteran industry exec who didnt want to be named for fear of losing business with Petersen. His mother, a biochemist, ran a business helping companies manage food safety regulations. Graduating trilingual (English, Spanish and Portuguese) with an economics degree from the University of California, Berkeley, in 2002, Petersen initially pursued a global microlending career without success. Alternative assets, as the term is used at Public, are equity securities that have been issued pursuant to Regulation A of the Securities Act of 1933 (as amended) (Regulation A). Got a confidential news tip? Browse our latest articles and investing resources. Existing investors including DST Global, Founders Fund, SoftBank's Vision Fund I and former Greylock VC Kevin Kwok also participated in the round. Flexport Is Silicon Valleys Solution To The Supply Chain Mess, Flexports CEO On The Suez Ship; Plus VC In Oklahoma! Invest in baskets of securities in a single trade. Asked onstage at a June 2016 conference if he would still take Thiels money knowing hed support a politician tough on China trade, Petersen spoke from the hip. Freight startup Flexport soars from 'unsexy' to $800M valuation Backed by some of Silicon Valleys most prominent VCs and tech billionaires, including Peter Thiels Founders Fund, Yuri Milner and Masayoshi Son, Flexport was founded in 2013 to automate paper customs forms. Last year, the San Franciscobased firm generated its first profit, posting net income of $37 million. KKR invested in Flexport's Line of Credit funding round. Get the full list, To view Flexports complete subsidiaries history, request access, To view Flexports complete exits history, request access, Morningstar Institutional Equity Research, Freight-forwarder monitoring and management systems and methods, System and methods for accurate price quoting and generation, Cargo management system and methods of managing cargo, Methods and systems for generating a digital shipping plan, Co-Founder, Co-Chief Executive Officer & Board Member, President of Flexport Ocean and Air & Chief Strategy Officer, Co-Chief Executive Officer & Board Member. Tive provides real-time supply chain visibility insights to help logistics professionals manage their in-transit shipments' locations and conditions. Sign up for a free trial to see Flexport's valuations in February 2019, April 2018, September 2017 and more. Former Amazon exec aims to repeat logistics growth at Flexport : What metrics do you use to measure success and maintain focus? Prior to starting Flexport, Petersen founded and led a data-as-service company supporting global shipping for businesses called ImportGenius.com with his brother. Flexport is a digital-first freight forwarder and customs broker, backed by Founders' Fund and Softbank, with about 0.3% market share in the global market for freight forwarders. The company is a global freight forwarder and modern logistics platform whose goal is to fix and improve user experience in global trade. August 2018 acquired Fieldbook for $1.5 million. Flexport's mission is to fix the user experience in global trade and bring the world free trade through technology. No minimum hold periods. For Flexport, it all means business is booming. Founder and CEO Ryan Petersen started Flexport in 2013 because he figured there had to be a better way to manage the flow of goods that get put on cargo ships, planes, trucks and railroads and transported all over the world. Flexport owns no trains, planes or ships of its own. our sites and services. Flexports aggressive fundraisingit has secured more than $2 billion to datemeant dilution for Petersen personally, who today owns just 9% of his company despite having no cofounders. Funding Round . It now does much more, helping customers like Georgia-Pacific (Brawny paper towels, Angel Soft toilet paper), plumbing fixtures maker Gerber and speaker maker Sonos handle all the headaches of shipping inventory from factory to warehouse to store. Its platform allows customers to book, manage and keep track of their international freight as well as use analytics to drive supply chain decisions. Duis aute irure do, prehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. His father was a government economist, using 1970s-era computers to crunch numbers on Soviet defense spending and running a coding business on the side. Today they have 10,000 clients in 200 countries. The company's freight forwarding and brokerage services are in the cloud, enabling it to analyze costs, container efficiency, and greenhouse gas emissions quickly and with more accuracy than legacy systems. Listen to our daily live shows on the latest market news. Visibility is a solution to a problem that shouldnt exist, says Adam Banks, the former chief technology and information officer for Maersk, the worlds second-largest ocean carrier, with $40 billion in annual revenue. In addition, it has . Feb 7, 2022: Flexport Series E - Flexport . Digital freight network Convoy hits $3.8B valuation. Flexport's product offers a step-change improvement over traditional forwarders by injecting technology into every step of the forwarding process, standardizing data and abstracting complexity from existing manual, paper-based systems into a modern software experience. It offers shipping, logistics, and carrier solutions for consumer goods, food and beverages, retail, manufacturing, life sciences, and other industries. But as Flexports revenue doubled past $200 million, then $400 million, and Petersen kept spending to launch offices in ports from Hamburg to Shenzhen, he caught the eye of the worlds leading expert on brute-forcing ones way to dominant market share: SoftBank. Their latest funding was raised on Oct 20, 2022 from a Debt Financing round. Two major ones are regulators and vendors. You're more than your latest funding, tell our customers your company's story. As a general rule, the price of a T-bills moves inversely to changes in interest rates. Flexport's valuation in February 2022 was $7,065 - $8,000M. JPMorgan has released a presentation for investors with more detail about its deal to buy the bulk of failed lender First Republic. The, tion ullamco laboris nisi ut aliquip ex ea commodo consequat. We have a chip on our shoulders. This means they aim to compete with the big names of DHL, FedEx and UPS. Petersen uses two major frameworks in order to maintain company culture and prioritize customer needs. "A common response was, 'Oh, we don't need the internet in this industry. At Georgia-Pacific, replacing thousands of email updates and attachments with a single view led to 100% on-time customs filings. Petersen has a bachelors degree in economics from University of California, Berkeley and received his MBA from Columbia University. Petersen grew up surrounded by entrepreneurs in Bethesda, Maryland, just inside D.C.s Capital Beltway. People [were] just finding us on the internet [and] signing up for the service." Finally, to raise funds, Petersen's main philosophy was giving off the impression that Flexport would succeed whether or not the investors decided to . Additional information about your broker can be found by clicking here. It is a licensed customs brokerage and freight forwarder built around a modern web application. Demand is at a record highglobal trade volumes rose 8.3% in 2021, according to Allianz subsidiary Euler Hermes. The hiring spree . For Flexport, it all means business is booming. Flexport is the platform for global logisticsempowering buyers, sellers and their logistics partners with the technology and services to grow and innovate. See Jiko U.S. Treasuries Risk Disclosures for further details. Nominations are officially closed. Customs had high margins, but at $99 per transaction wouldnt amount to enough. Container stacking had limited impact, Khachatryan says. So when Thiel announced his public support for Donald Trump, who was championing big new China tariffs during his presidential campaign, Petersen committed a startup sin. As an investor, you are normally granted access to company-wide performance data such as sales, revenue, profit or loss statements, and so forth. Ninja Delivery is an e-commerce website that provides delivery for foods, drinks, and household items. This content is not investment advice. The company's platform arranges goods to be transported and subsequently tracks the inventory in real-time in orders carried by ocean, air, and road freight, enabling logistics companies to optimize transportation routes and inventory management. Shippeo develops a multimodal transportation visibility platform. When theres a lot of overcapacity, its not an issue. Its team of logistics experts lets focus on core business by ensuring goods arrive at fulfillment/distribution centers on time and at the lowest cost. Average folks who never gave a thought to the global supply chain are paying attention now. Now, they extend the same visibility to their own customers. T-bills are purchased at a discount to the par value and the T-bills yield represents the difference in price between the par value and the discount price. Aggregate funds in your Treasury Account in excess of the T-bill purchases will remain in your Treasury Account as cash. Poskus predicts this will continue for at least the next two quarters and industry analysts agree. It has experienced rapid growth amid the pandemic-led global supply-chain disruptions. Flexport has a post-money valuation in the range of $1B to $10B as of Feb 7, 2022, according to PrivCo. Reporters looking for a wider trend among SoftBank companies pounced. They havent officially begun the IPO process. Explore 9,000+ stocks with company-specific analysis. Check the background of this firm on FINRAs BrokerCheck. Automate orders. Kevin Kwok has had 1 past job as the Summer Venture Analyst at IA Ventures. While no one is exempt from risk, if Flexport continues to develop an operating system that assists its clients with solving all of the freight forwarding problems, there is a potential for gain. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. The mission of ODX Flexport is to help build the future of logistics and bring visibility, efficiency and innovation back to an industry that grew 65x since its last major innovation: the invention of the standardized shipping container. Flexport's 2018 revenue was $441M - $471M. Molekule scales its stock by coordinating with suppliers in the Flexport Platform to ensure cargo-ready dates. He let go of 50 staffers, about 3% of Flexports workforce. JSI and Jiko Bank are not affiliated with Public Holdings, Inc. (Public) or any of its subsidiaries. But it was also a warning: Disruption to trade with China could devastate Flexports core business. Sign upfor our weekly, original newsletter that goes beyond the annual Disruptor 50 list, offering a closer look at list-making companies and their innovative founders. The cuts were also ineffective, crushing employee morale for minimal savings. Crews from Axios on HBO and 60 Minutes asked him to guide them on their own harbor tours. Bootstrapped and profitable within a couple years, ImportGenius.com still generates millions in cash to this day. Its easier to gain insight with data that is structured for success. It sounds like bravado, but for Petersen, 41, its simple math. If we can fix problems for Flexport, we can fix problems for the wider world, he says. With logistics partners in more than 80 countries, companies of any size can transport goods to and from more places with greater ease and agility. CB Insights Intelligence Analysts have mentioned Flexport in 14 CB Insights research briefs, most recently on Nov 10, 2022. By the time Thiel and Founders Fund led a $20 million Series A investment in Petersen in 2015, Flexport was billing itself as a new-look digital freight forwarder. None of these entities provide legal, tax, or accounting advice. Learn more. Book, track and deliver freight shipments from factory floor to customer door. Incumbents still relied heavily on sending faxes or PDFs back and forth, or freight email forwarding. Within a few months, Flexport had stitched together a working cloud-based version of its software. Flexport has more than 10,000 clients and suppliers in 112 countries and doubled its revenue last year, bringing in $3.2 billion while reporting its first EBIT positive year. Alternative Assets purchased on the Public platform are not held in an Open to the Public Investing brokerage account and are self-custodied by the purchaser. Flexport is currently testing a new freemium service it will launch this year, one that provides free visibility, carbon tracking and messaging to users even if they dont run freight with Flexport. Forward-Looking Statements of Pfizer Inc. Commission-free trading of stocks and ETFs refers to $0 commissions for Open to the Public Investing self-directed individual cash brokerage accounts that trade the U.S.-listed, registered securities electronically during the Regular Trading Hours. It is assuming $122 billion in . Petersen also hasnt been shy about building his public image. . Apex Clearing Corporation, our clearing firm, has additional insurance coverage in excess of the regular SIPC limits. Reddit cofounder Alexis Ohanian, then a YC partner, invested alongside Forbes Midas List star Garry Tan. Collison was curious how the backup at Californias ports compared to mysterious bottlenecks in his world of online payments. WeWorks larger-than-life cofounder Adam Neumann was out in matter of weeks. Order Management delivers orders to suppliers, who book shipments across a global logistics networkright in the Flexport Platform. Book logistics. Maybe The Metaverse Is Fun, Friendly, 8-Bit -- And Already Here, Biden's First Year: An Economic Scorecard. Flexport has not yet filed for an IPO.

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