flexport
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Penny Chen
Penny Chen is the co-founder and CEO of Pax, the Y Combinator (S24) startup rebuilding duty drawback - the U.S. program that refunds import tariffs - as an AI-native brokerage. An MIT PhD and former research scientist at Amazon and Flexport, she stumbled on duty drawback while building supply-chain algorithms and saw a math problem hiding inside a bureaucratic one: each year roughly $10-15 billion in eligible refunds go unclaimed because legacy brokers take 10-20% and won't touch claims under $100k. Pax turns the rulebook into algorithms and LLM data extraction, promising a TurboTax-style experience that cuts filing from 9-12 months to a few weeks. The company raised $4.5M in seed funding led by Initialized Capital in April 2025.
Seth Berman
Seth Berman co-founded Susa Ventures in 2013 and has since backed 10 unicorns across roughly 100 seed-stage investments, including Robinhood, Flexport, and Expanse. He brings an unusual background to venture capital - nearly a decade as VP of Strategic Marketing at Richemont Group (Cartier, Net-A-Porter, Montblanc) - giving him a luxury-brand consumer lens that shaped Susa's focus on distribution, compounding moats, and founder-market fit. He has since launched Kivu Ventures, a Series A/B fund targeting vertical AI, healthcare, and logistics, with investment partners including Frame.io co-founder Emery Wells and Pinterest co-founder Paul Sciarra.
Justin Sherlock
Justin Sherlock is the Co-Founder and CEO of Caspian, an AI-native trade advisory platform tackling the $130 billion in unclaimed duty refunds sitting in global supply chains. A Harvard economist and Wharton MBA, he spent five years at Flexport scaling its financing arm past $1 billion before going out to build what he saw was missing: automated customs intelligence that actually gets importers their money back.
Ryan Petersen
Ryan Petersen is the founder and CEO of Flexport, the technology-driven freight forwarding company he built from a Y Combinator batch into an $8 billion global logistics giant. A serial entrepreneur who started importing goods from China at 17, he previously co-founded ImportGenius and has become one of the most influential voices in supply chain and trade policy - most famously by renting a boat to tour the LA port congestion in 2021 and posting a viral Twitter thread that prompted California's governor to call him directly. He is also a venture partner at Peter Thiel's Founders Fund.