The San Francisco-based global logistics platform announced a US$935-million raise, led by Andreessen Horowitz and MSD Partners. The round more than doubled its valuation. (The Logic)

Talking point: Flexport connects every part of a company’s supply chain and finds ways to speed up the process, with growing sales amid pandemic-related supply-chain chaos and posting its first profitable year last year. The company has raised billions to date from big-name investors, but its critics believe Flexport’s software offers nothing new. Shopify’s director of product acceleration, Bram Sugarman, said in a statement that for entrepreneurs logistics is “one of the most daunting complexities in commerce today,” and that Shopify was inspired by the progress of Flexport’s platform. A16z gets a board seat, while representatives from Shopify and MSD Partners will join as observers. Shopify reportedly recently cancelled contracts with some third-party logistics providers and reduced the options it offers merchants using its in-house network, effectively halving its warehouse capacity. The company has previously invested in another digital logistics startup. It participated in Toronto-based Swyft’s $22-million Series A in April 2021.