Flexport, a logistics firm with $2.7 billion in enterprise and debt financing, is reportedly planning further layoffs.
That is reported by Data, which states that the corporate plans to chop about 20% of its positions within the coming weeks. Flexport communications head Liyan Chen declined to touch upon the report in an e-mail to TechCrunch.
Flexport, which supplies freight forwarding and brokerage providers, introduced related cuts in October, when founder Ryan Petersen returned as CEO and diminished the corporate’s workforce by 20%, impacting about 600 workers.
An extra spherical of layoffs at Flexport may cap off a brutal January for tech staff, as each giants and startups throughout the trade have collectively eradicated tens of 1000’s of jobs. Whereas San Francisco-based Flexport would not be an outlier for making cuts, the timing could be odd.
Simply final week, Flexport stated it could have generated a further quantity $260 million in funding from Shopify. The deal deepens ties between the 2 firms; in Could, Shopify bought its logistics enterprise to Flexport in trade for a 13% stake within the firm.
Flexport’s different traders embody Softbank and Andreessen Horowitz.