Flexport Founder Brings Expertise to Venture Capital Firm
Ryan Petersen, the co-founder and former CEO of logistics startup Flexport, has joined venture capital firm Founders Fund as a partner. The news was reported by Forbes earlier today, with TechCrunch confirming the move.
Quote from General Partner Trae Stephens
"We’ve always struggled to define the quintessential Founders Fund founder," said Trae Stephens, General Partner at Founders Fund. "Clearly, it’s Ryan. We’re thrilled to welcome him to the team."
Petersen’s Background and Expertise
Petersen founded Flexport in 2008 with his brother David, after they had developed ImportGenius.com. The company grew rapidly, doubling revenue to $3.3 billion in 2021 and moving almost $19 billion in gross merchandise through its platform. Petersen stepped down as CEO of Flexport last August and transitioned into the role of executive chairman.
Investment Expertise
Petersen has a proven track record as an angel investor, having backed over 100 startups, including Rippling, Mercury, Faire, Eight Sleep, Carta, and Pulley. As a partner at Founders Fund, he will be based in San Francisco and invest as a "generalist," with a focus on innovative companies regardless of their stage or industry.
Statement from Petersen
"I never thought about becoming a VC," said Petersen via email. "When I moved to the chairman role, a dozen or so VC firms reached out to me, but I didn’t entertain any of them besides Founders Fund. They are super aligned with me both in my desire to continue to support Flexport with as much of my energy as I can and with their overall philosophy of backing founders all the way."
Founders Fund’s Philosophy
Founders Fund was an early investor in Flexport, participating in the company’s $935 million Series E round in February 2022. The firm has a reputation for upending the traditional VC model, where VCs would seek to replace founders with more seasoned CEOs.
Petersen’s Quote on Founders Fund
"The team here changed the course of VC history by upending the previous model," said Petersen. "Founders Fund doesn’t get enough credit for their role in changing the culture of the wider VC world."
Flexport’s Growth and Success
Under Petersen’s leadership, Flexport grew from a small startup to a logistics giant, with estimated revenue reaching $5 billion in 2022. The company has received widespread recognition for its innovative approach to logistics and supply chain management.
Conclusion
Ryan Petersen’s joining of Founders Fund as partner brings significant expertise and experience to the venture capital firm. With his background in founding and growing a successful startup, Petersen will be able to identify and invest in innovative companies that have the potential for rapid growth and success.
About Ryan Petersen
Ryan Petersen is a co-founder and former CEO of Flexport, a logistics startup he founded with his brother David in 2008. He has a proven track record as an angel investor, having backed over 100 startups. As a partner at Founders Fund, he will be based in San Francisco and invest as a "generalist," with a focus on innovative companies regardless of their stage or industry.
About Founders Fund
Founders Fund is a venture capital firm that was founded in 2005 by Peter Thiel, Sean Parker, Adam D’Angelo, and Keith Rabois. The firm has a reputation for upending the traditional VC model, where VCs would seek to replace founders with more seasoned CEOs. Founders Fund has invested in companies such as Facebook, LinkedIn, and Airbnb.