SEATTLE, July 21, 2016 /PRNewswire/ -- FLEXE, a rapidly-growing online marketplace that connects businesses in need of flexible warehouse space and services to more than 300 warehouse operators across North America, today announced the closing of $14.25 million in Series A investment.
The round was led by Redpoint Ventures and also included investment from undisclosed investors. Founded in 2013, FLEXE has now raised a total of $20.55 million in funding with previous investments of $6.3 million coming in the form of seed capital.
The company will use the new capital to scale, meeting the growing demand from its Fortune 1000 and e-commerce customers as well as warehouse partners across North America. The company is also allocating a portion of the proceeds to add additional fulfillment and analytics functionality to the technology platform powering the FLEXE marketplace.
"Amazon has spent billions of dollars and leveraged its network of 150-plus warehouses and distribution centers to create a huge competitive advantage when it comes to reducing delivery time and costs," said FLEXE CEO Karl Siebrecht. "Our marketplace enables any business to level the logistics playing field by providing immediate access to a much larger network of warehouses and related services."
Over the past year, FLEXE has grown its marketplace to more than 300 warehouses in 45 markets throughout North America, representing over 10M-square-feet of space and roughly 1,000,000 pallet positions. The company expects those numbers to at least double by the end of 2017.
"Marketplaces become more valuable – to both the sellers and the buyers that use them – as they scale and become larger," said Ryan Sarver, Partner at Redpoint Ventures. "Over the past year, FLEXE has achieved a tremendous amount of growth and is well-positioned to extend its leadership position in this new and disruptive category."
About Redpoint Ventures
Since 1999, Redpoint Ventures has been partnered with visionary founders to create new markets and redefine existing ones. The firm invest in startups across the seed, early and growth phases and has backed over 465 companies with 140 IPOs and M+As, including trailblazers 2U, HomeAway, Heroku, Netflix, PureStorage, Twilio and Zendesk. Its entrepreneur in residence program has incubated disruptors like Android, Acompli, Jaunt and Zimbra. In total, the firm manages over $3.8 billion across multiple funds. Redpoint is based in Menlo Park and has offices in San Francisco, Beijing and Shanghai. For more information visit http://www.redpoint.com/
FLEXE connects organizations that need warehousing space to organizations with extra space. The company's platform transforms how logistics and supply chain professionals manage growth, inventory peaks, returns and new market entry by creating warehouse networks that scale as necessary. Based in Seattle, Wash., FLEXE has an online marketplace with more than 300 warehouses in over 45 markets across North America. More information on the company and its services can be viewed online at www.flexe.com.
FOR MORE INFORMATION:
Dan Branley (206) 914-1231