By Liz Young

Flexport's chief executive, Ryan Petersen, said Friday that the freight forwarder raised $260 million on an uncapped convertible note from Canadian e-commerce service provider Shopify.

A Flexport spokesperson didn't comment on how much cash the company has on hand or its plans for the funding.

San Francisco-based Flexport was most recently valued at $8 billion in a February 2022 fundraising round that pulled in $935 million.

Petersen has been making sweeping changes at the company over the past four months as he tries to return the business to profitability. Flexport's revenue fell sharply in 2023 as shipping prices plummeted amid weak shipping demand.

The latest fundraising deepens Flexport's relationship with Shopify after Flexport in May bought Shopify's logistics operation. Shopify as of September held a 17% stake in Flexport with a seat on Flexport's board.

Write to Liz Young at liz.young@wsj.com

(END) Dow Jones Newswires

January 21, 2024 19:22 ET (00:22 GMT)

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