Seattle startup Flexe is elevating extra cash to bolster its market utilized by retailers to buy on-demand warehousing area.
A brand new SEC submitting reveals that the corporate has raised $67.9 million of a bigger spherical. The corporate declined to touch upon the submitting when reached by GeekWire.
Provide chain administration startups set a report for funding final 12 months as their software program helped firms that had been scrambling amid volatility attributable to the pandemic. Flexe has additionally seen enormous tailwinds from the acceleration of on-line gross sales through the pandemic.
Simply earlier Thursday, Seattle digital freight startup Convoy introduced a $260 million spherical at a $3.8 billion valuation.
Flexe final raised money in late 2020, bringing in $80 million as a part of a Sequence C spherical.
Based in 2013, Flexe describes itself as a “warehousing-as-a-service” firm, serving to retailers flip what was historically a hard and fast expenditure right into a variable value. Its prospects don’t want to speculate tens of millions into long-term warehouse leases; they only pay for what they want at a given time.
It’s just like how pay-as-you-go cloud computing providers resembling AWS or Azure changed the necessity for a corporation to buy and run their very own information facilities.
“Conventional warehousing is so much like conventional information facilities,” Flexe CEO Karl Siebrecht beforehand advised GeekWire.
Flexe additionally offers firms a solution to transfer stock nearer to the place prospects stay, decreasing supply occasions. That’s essential as Amazon continues to make 1- and 2-day supply the business normal.
“Measure the impression of same-day supply on income throughout totally different areas, broaden into new markets, and compete immediately with Amazon with out the chance of fastened investments,” the corporate notes on its web site.
Siebrecht, beforehand an govt at aQuantive and AdReady, co-founded the corporate with Edmond Yue and Francis Duong after they attended a housewarming get together and met an entrepreneur who complained about discovering warehouse area for his barware firm. Siebrecht is a finalist for CEO of the 12 months on the GeekWire Awards.
Flexe employs 450 folks. Its earlier buyers embrace T. Rowe Worth, Activate Capital, Tiger International, Madrona Enterprise Group, Redpoint Ventures, Prologis Ventures, and others.
Different logistics and e-commerce software program startups from the Seattle area which have raised funding over the previous few years embrace Shipium, Logixboard, Stackline, Cloth, FlavorCloud, Pipe17, Pandion, and SoundCommerce.