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Flexport, a logistics company with $2.7 billion in venture and debt funding, is reportedly planning more job cuts.
Information reported that the company intends to reduce about 20% of its workforce in the coming weeks. Flexport’s communications head Liyan Chen did not confirm the report when contacted by TechCrunch.
Flexport previously announced similar cuts in October, when founder Ryan Petersen returned as CEO and reduced the workforce by 20%, affecting approximately 600 employees.
Another round of job cuts at Flexport would be part of a tough January for tech workers, as both large companies and startups have collectively cut tens of thousands of jobs in the industry. While San Francisco-based Flexport would not be unusual in making cuts, the timing would be notable.
Just last week, Flexport announced an additional $260 million in funding from Shopify. This deal strengthened the relationship between the two companies as Shopify sold its logistics business to Flexport in May, in exchange for a 13% stake in the company.
Flexport’s other investors include Softbank and Andreessen Horowitz.
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