Flexport’s CEO Ryan Petersen announced the following company update on January 18, 2023

Flexport raised $260 million on an uncapped convertible note from Shopify. Thank you, Tobi Lütke, and your entire team for this tremendous vote of confidence in our business and partnership.

Since I came back to the role of CEO, our team has made massive progress toward returning Flexport to profitability.

Further strengthening our cash position with this investment should send a strong message to customers that Flexport is building a long-term sustainable business that will continue to deliver best-in-class technology and services for global businesses.

This is an important milestone along our journey to build an end-to-end logistics technology platform to make global commerce so easy that there will be more of it.

Our fortress balance sheet continues to be one of our most strategic assets as we navigate the uncertain waters of global trade in the 21st century in pursuit of this vision.