a logistics company, Deliverr Inc., for US$2.1 billion last July, in a bid to build an fulfilment business internally, part of a renewed strategic plan to get into the delivery space, much like Amazon.com Inc. The deal came just weeks before Shopify announced it would lay off around 1,000 staffers.Article content
Flexport was last valued at US$8 billion in a US$935-million funding round led by Andreessen Horowitz and MSD Partners in February 2022. Shopify began building its logistics business in 2019, calling it Shopify Fulfillment Network. In the company’s management discussion and analysis for its fourth quarter, ended Dec. 31, Shopify said it expected to continue investing in the logistics arm of the business, but it identified its ability to “successfully scale, optimize and operate Shopify Fulfillment Network” as a risk factor.
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