Flexport’s workforce to shrink by 20% as layoffs hit US logistics startup

TLDR: US logistics startup Flexport is set to cut 20% of its workforce, according to reports. The company, which is valued at $8bn, has been looking to reduce its headcount since October and will now reportedly begin laying off staff in the coming weeks. Flexport is one of the most valuable logistics startups in the US and has raised $2.3bn in funding to date. The company acquired Shopify Logistics last year, adding business-to-business distribution and last-mile delivery to its portfolio of services. However, concerns have been raised about the company’s profitability and cost.