Logistics firm Flexe valued at over $1 billion after latest fund raise

(Reuters) – Flexe said on Wednesday it raised fresh capital in a late stage funding round from investors including BlackRock and Tiger Global that valued the logistics startup at over $1 billion.

Seattle-based Flexe raised $119 million in a series D round that drew new investments from funds and accounts managed by T. Rowe Price Associates, Madrona Ventures and Prologis Ventures among others. Flexe had raised $70 million nearly two years ago.

Founded in 2013 and led by Chief Executive Officer Karl Siebrecht, Flexe provides scalable warehousing solutions, retail distribution and same-day delivery.

The funding comes at a time when severe supply chain snarls are throttling trade and commerce across the world.

Venture capital firms such as Andreessen Horowitz and SoftBank Vision Fund 2 have helped warehousing firms such as San Francisco-headquartered Flexport and Flock Freight raise millions of dollars.

Flexport, for instance, more than doubled its valuation to $8 billion in February after it raised $935 million in a late-stage funding round.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shinjini Ganguli)