February 13, 2019 / 4:48 PM / 6 months ago

Flexport in talks to raise $500 million in SoftBank-led deal: Axios

FILE PHOTO - The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo

(Reuters) - Freight logistics provider Flexport Inc is in talks to raise around $500 million in a deal led by SoftBank Group Corp, news website Axios reported on Wednesday citing sources familiar with the matter.

Excluding the potential deal with SoftBank, Flexport could be valued around $3 billion, Axios said, citing one of the sources.

Flexport has raised nearly $305 million in funding over five rounds. Its latest financing round was in April 2018, according to data provider Crunchbase.

Investors in the San Francisco, California-based company include DST Global, Wells Fargo, and S.F. Express, a Chinese express delivery company.

Flexport has $225 million in revenue annually, and competes with iContainers, Freightos, and FreightHub, according to company insights provider Owler.

Flexport and SoftBank were not immediately available for comment.

Last week, autonomous technology startup Nuro said it raised $940 million from SoftBank, which valued the Silicon Valley-based company at $2.7 billion.

Reporting by Bharath Manjesh and Aparajita Saxena in Bengaluru; Editing by Shailesh Kuber

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