Flexport cuts 20% of employees as US logistics startup lags.

US logistics startup Flexport is reportedly planning to lay off approximately 20% of its workforce in the coming weeks, according to sources familiar with the matter. The company, which provides technology-enabled freight forwarding and customs brokerage services, is making the job cuts in response to a slowdown in business due to the economic impact of the COVID-19 pandemic and disruptions in global trade. Flexport had raised $1 billion in funding last year to expand its business and strengthen its technology platform. The layoffs come as the logistics industry continues to face challenges amid the ongoing pandemic.