California-based Flexport, a freight forwarding and customs brokerage company, announced that the company has fetched $1 billion in a funding round.
The round was conducted by Japanese internet to telecommunications company SoftBank’s Vision Fund, which made the fund’s investment biggest ever in any of the start-ups yet.
With the infusion, SoftBank is seeking to extend its presence in freight and cargo services as Flexport not only moves the freight but is also familiar with the local customs regulations.
As part of the round, SoftBank will join the Flexport’s board of directors.