Flexport, a logistics company with $2.7 billion in venture and debt funding, is reportedly planning additional layoffs.
That’s according to Information, which said the firm intends to eliminate around 20% of its roles in the next few weeks. Flexport communications head Liyan Chen declined to comment on the report in an email to TechCrunch.
Flexport, which provides freight forwarding and brokerage services, announced similar cuts in October, when founder Ryan Petersen returned as CEO and slashed the company’s workforce by 20% — affecting about 600 workers.
An additional round of layoffs at Flexport would cap a brutal January for tech workers, as giants and startups alike have eliminated a combined tens of thousands of jobs across the industry. While San Francisco-based Flexport wouldn’t be an outlier for making cuts, the timing would be peculiar.
Just last week, Flexport said it’d raised an additional $260 million in funding from Shopify. The deal deepened the two firms ties; back in May, Shopify sold its logistics business to Flexport in exchange for a 13% stake in the company.
Flexport’s other investors include Softbank and Andreessen Horowitz.
Read the full article here
