Flexe
- 🦄Became a unicornJul 2022
- 📈Peak valuation$1.07 Billion ’22
- 💔Became a Unitard2024
- 💸Last valuation~$193M
The rise & fall
6 moments · 2013–2026The key moments.
How it happened
Flexe, founded in Seattle in 2013 by Karl Siebrecht, Edmond Yue and Francis Duong, ran an on-demand network that matched large retailers with spare warehouse capacity. A $119M Series D in July 2022, with new money from funds managed by BlackRock, pushed its post-money just past $1B.
When the pandemic-era warehousing boom reversed into an inventory glut, Flexe cut staff hard, about 33% in September 2023 and roughly another 38% in January 2024. T. Rowe Price funds that bought into the Series D have since marked those shares down about 82% in SEC filings, implying a value near $195M, though BlackRock carries its stake far higher.
Glassdoor reviews turned sharper after 2022, with reviewers citing repeated layoffs and leadership concerns as ratings fell from the high fours toward three.
Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.
Mutual-fund markdowns
7 funds · SEC NPORT-PHow U.S. mutual funds fair-value this still-private company in their quarterly SEC filings.
| Fund | Class | $/sh | From peak | As of |
|---|---|---|---|---|
| T. Rowe Price New Horizons Fund, Inc. | Preferred | $3.72 | -82% | Jun 2026 |
| T. Rowe Price Small-Cap Stock Fund, Inc. | Preferred | $3.72 | -82% | Jun 2026 |
| BlackRock Private Investments Fund | $17.65 | -15% | Jun 2026 | |
| T. Rowe Price Global Technology Fund, Inc. | Preferred | $2.92 | -86% | Jun 2026 |
| T. Rowe Price Communications & Technology Fund, Inc. | Preferred | $20.39 | +0% | Sep 2022 |
| T. Rowe Price Communications & Technology Fund | Preferred | $3.72 | -29% | Jun 2026 |
| T. Rowe Price Institutional Small-Cap Stock Fund | Preferred | $3.72 | -29% | Jun 2026 |
Source: SEC EDGAR Form NPORT-P (Level-3 fair-value marks). Per-share marks reflect the fund’s own valuation of a specific share class and aren’t a company-wide valuation. Last refreshed Oct 2026.
Source: Wilson Sonsini (deal counsel): a $119M Series D announced Jul 6, 2022 at a "$1 billion-plus" post-money, with new investments from funds and accounts managed by BlackRock (T. Rowe Price funds also invested). FreightWaves: layoffs of ~33% (Sep 2023) and ~38% / 99 staff (Jan 2024). SEC Form N-PORT: T. Rowe Price New Horizons, Small-Cap Stock and other T. Rowe funds carried "FLEXE SERIES D CVT PFD STOCK PP" at the $20.39 round price in 2022 and mark it at $3.72 at Jun 30, 2026 (Series C at $2.92), about -82%, implying ~$195M against the ~$1.07B peak. BlackRock Private Investments Fund marks its stake far more gently (~$17.65, about -15%); per the deepest-credible-track rule the row follows T. Rowe. Founded 2013 by Karl Siebrecht, Edmond Yue and Francis Duong.
Founders
Current roles as self-reported on LinkedIn, retrieved 2026-10-13. See our methodology.
Disclosed investors (18)
Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.
* Lead in a funding round · Crunchbase ↗ · 2026-10-13 · Methodology · Leaderboard
