News / Flexport secures a billion dollars in new funds to help grow its global footprint

first_img US digital-first freight forwarder Flexport has secured “a truly outstanding” $1bn in a new funding round led by Japanese tech investment behemoth SoftBank.Flexport said the cash would be used to “deepen its technology and data capabilities, grow its global logistics infrastructure footprint and invest in 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. By Gavin van Marle 22/02/2019 “Logistics is a $7trn industry that is crucial for global trade, yet extraordinarily fragmented,” said Mr Ronen. “Even the largest companies only hold single-digit market share.”Flexport said last year it doubled top-line revenue, generating close to $500m in sales and increasing staff to nearly 1,000, while expanding its geographic presence to 11 offices and warehouses around the world.In September it claimed to be ranked the 11th largest freight forwarder by ocean volume on the core transpacific eastbound tradelane.“Our vision is to unite the planet in a seamless web of commerce, unhindered by physical borders, boundaries or political agendas,” said Ryan Petersen, Flexport founder and chief executive.“The Vision Fund shares our belief in using technology to create a better, more interconnected world and their support will propel us into that future, making global trade easier for everyone,” he added.The Loadstar’s financial analyst, Alessandro Pasetti, who yesterday conducted an interview with Mr Petersen, said the funding could propel the company’s valuation “multiple times $3bn, in terms of net present value for its implied enterprise/equity value”.He added: “Most of the feedback I have received from trade executives in the past 24 hours suggests, and rightly so, that $1bn in new financing is a truly outstanding achievement, particularly given the challenging, late-cycle market volume-led environment for 3PLs and 4PLs, which typically boast low capital expenditure (capex) needs as well as thin operating margins.“To give you some context, $1bn equates to over four full years of maintenance and growth capex for Switzerland’s Kuehne + Nagel, the world’s ocean freight leader.”last_img read more

Burns honored at MHS

first_img On Friday, Jan. 30 at halftime of the boys varsity basketball game with West Union, Manchester High School honored 2015 graduate Tess Burns for her accomplishments in the sport of track and field during her senior season.In June of 2015, Burns competed in the state track meet for the second time in three years, in the high jump event. During the state meet, Burns set the MHS school record with a jump of 5 foot, 7 inches, and then barely missed the next jump at 5’8”, leaving her as the runner-up in Division III in the state of Ohio, receiving podium honors as well as All-Ohio recognition.Besides the high jump record at MHS, Burns also holds the school’s 400 meter record, plus is a part of record-holding 4 x 100 and 4 x 200 relay teams. She is currently a student at Morehead State University and a member of the schools’ cross-country and track teams.To honor her accomplishments at Manchester, the school will be hanging a banner in the gymnasium to commemorate her runner-up finish in the state meet and a MHS track and field uniform was placed in a nice shadow box display case and will have a permanent home in the school’s trophy case. The presentations to Burns were made by MHS head track coach Dustin Cook, Principal Jamie Wilkins, and Athletic Director Chris Young. HomeSportsBurns honored at MHS This banner will become part of the permanent decor in the gym at Manchester High School in honor of Tess Burns and her runner-up finish in the 2015 state track meet in the high jump. Pictured here are Burns, MHS track coach Dustin Cook, and MHS Principal Jamie Wilkins. – Photo by Jennifer O’Neil Smith PreviousSwitzer hired as ACOVSD TreasurerNextHounds get weekend split Around the WebThis Video Will Soon Be Banned. Watch Before It’s DeletedSecrets RevealedMd: Do This Immediately if You Have Diabetes (Watch)Blood Sugar BlasterThis Weird Method Can Restore Your Vision Naturally (Watch)Healthier LivingHave an Enlarged Prostate? Urologist Reveals: Do This Immediately (Watch)Healthier LivingIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier LivingWomen Only: Stretch This Muscle to Stop Bladder Leakage (Watch)Healthier LivingThe content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent’s Privacy PolicyWant your content to appear on sites like this?Increase Your Engagement Now!Want to report this publisher’s content as misinformation?Submit a ReportGot it, thanks!Remove Content Link?Please choose a reason below:Fake NewsMisleadingNot InterestedOffensiveRepetitiveSubmitCancel This banner will become part of the permanent decor in the gym at Manchester High School in honor of Tess Burns and her runner-up finish in the 2015 state track meet in the high jump. Pictured here are Burns, MHS track coach Dustin Cook, and MHS Principal Jamie Wilkins. https://www.peoplesdefender.com/wp-content/uploads/2016/02/web1_Tess1-1.jpgThis banner will become part of the permanent decor in the gym at Manchester High School in honor of Tess Burns and her runner-up finish in the 2015 state track meet in the high jump. Pictured here are Burns, MHS track coach Dustin Cook, and MHS Principal Jamie Wilkins. Photo by Jennifer O’Neil Smith Manchester Athletic Director Chris Young presents a framed track and field jersey to 2015 graduate Tess Burns. https://www.peoplesdefender.com/wp-content/uploads/2016/02/web1_Tess2-1.jpgManchester Athletic Director Chris Young presents a framed track and field jersey to 2015 graduate Tess Burns. Photo by Jennifer O’Neil Smith center_img Top Searches Top Searches MichaelHoopAdams Manchester Athletic Director Chris Young presents a framed track and field jersey to 2015 graduate Tess Burns. – Photo by Jennifer O’Neil Smith Powered By 10 Sec Mama’s Deviled Eggs NextStay Mama’s Deviled EggsNOW PLAYINGBest Carrot Cake EverNOW PLAYINGApple Pie Bites With Caramel SauceNOW PLAYINGHawaiian Roll Ham SlidersNOW PLAYINGHomemade Caramel SauceNOW PLAYING5 Easy and Delicious Crock Pot Meatball Appetizer RecipesNOW PLAYINGApple Pie BitesNOW PLAYINGOld Fashioned Soft and Buttery Yeast RollsNOW PLAYINGCream Cheese Cake Mix CookiesNOW PLAYINGHow to Slice & Mince Vegetables Like a ProNOW PLAYINGPumpkin Cream Cheese BarsNOW PLAYINGHow to Knead DoughNOW PLAYINGHow to Use a Meat ThermometerNOW PLAYINGSlow Cooker/Crock Pot HintsNOW PLAYINGHow to Quarter a ChickenNOW PLAYINGHow to Clean Garbage DisposalsNOW PLAYINGHow to Clean Stainless Steel SinksNOW PLAYINGHow to Cook Scrambled EggsNOW PLAYINGHow to Peel Hard Boiled EggsNOW PLAYINGHow to Chill a Drink in 2 MinutesNOW PLAYINGHow to Chop an Onion PerfectlyNOW PLAYINGPerfect Bacon Every TimeNOW PLAYINGSweet Alabama PecanbreadNOW PLAYINGParmesan Baked Pork ChopsNOW PLAYINGPrime Rib Roast Au Jus Perfect Every Time! No FailNOW PLAYING Arrow Left #1 Icon Created with Sketch. Arrow right #1 Icon Created with Sketch. Burns honored at MHSFebruary 2, 2016Peoples DefenderSports0last_img read more