The Canadian e-commerce giant will receive notes convertible into equity in exchange for the funding, sources told The Information. Shopify also provided US$40 million in cash to the San Francisco-headquartered logistics firm in June. (The Information)
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The Canadian e-commerce giant will receive notes convertible into equity in exchange for the funding, sources told The Information. Shopify also provided US$40 million in cash to the San Francisco-headquartered logistics firm in June. (The Information)
Talking point: Shopify, which surprised analysts last year when it offloaded its logistics business to Flexport, already has a 17 per cent stake in the company. That could grow if Flexport repays the convertible loans in equity versus cash. Flexport CEO Ryan Petersen confirmed the raise in a series of tweets, saying the company has “made massive progress” toward returning to profitability since he resumed the top post last year after Dave Clark resigned. Shopify previously participated in Flexport’s US$935-million Series E raise in 2022. Shopify did not immediately respond to The Logic’s request for comment.
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