SEATTLE, Dec. 1, 2020 /PRNewswire/ -- Today FLEXE, the on-demand warehousing and fulfillment leader, announced the close of its $70 million Series C funding. The round includes follow-on investments from Activate Capital, Tiger Global, Madrona Ventures, Redpoint Ventures, Prologis Ventures, and others, as well as a first-time investment from funds and accounts advised by T. Rowe Price Associates, Inc. FLEXE will use the new funding to invest in its team and technology, building solutions that help enterprise-class retailers and brands better execute flexible omnichannel operations.
The COVID-19 pandemic accelerated the shift to online shopping. eCommerce sales saw the same rate of growth in 10 weeks as the previous 10 years. That growth, as well as increased consumer demands for fast, free shipping, has exposed the need for businesses to quickly scale and adapt their logistics networks without investing billions of dollars in fixed warehousing infrastructure.
"We are excited to invest in FLEXE. Their innovative, technology-first approach to logistics allows companies to capitalize on, rather than suffer from, shifts in consumer behavior," said Andrew Davis, Director of Private Investments at T. Rowe Price Associates. "FLEXE is poised to become an impactful company in the logistics industry for the long term."
"The T. Rowe Price funds are premier investors, with a pedigree of backing businesses that achieve scale and lead their categories. Their investment, along with that of our returning backers, validates the market opportunity created by dynamic logistics strategies," said Karl Siebrecht, Co-Founder and CEO at FLEXE. "Starting in March, we saw a massive spike in eCommerce volumes that exceeded the 2019 holiday season. This investment will help us accelerate technology development, bring innovative solutions to market faster, and support the eCommerce volume growth that started early this year and shows no signs of slowing down."
Since raising its Series B in May of 2019, FLEXE doubled headcount and was named among the fastest-growing companies in North America by Deloitte. Other notable achievements:
- Expanded work with enterprise-class customers such as Walmart and Ace Hardware.
- Grew the FLEXE Operator Network by 50% to include more than 1,500 locations across North America.
- Invested in engineering and development of the FLEXE Technology Platform, recently launching an integration with Google Merchant Center that enables advertisers to dynamically display delivery promises in Google Shopping ads and increase conversion rates from ad spend by 9%.
For more information about the Series C funding round, read a letter from FLEXE Co-Founder and CEO, Karl Siebrecht, "Announcing FLEXE's $70M Series C Funding."
FLEXE is reinventing warehousing and fulfillment to optimize the global delivery of goods. As the on-demand warehousing and fulfillment leader, FLEXE helps forward-looking brands create dynamic eCommerce fulfillment networks and resolve warehouse capacity constraints. Based in Seattle, the FLEXE team is transforming the logistics industry and helping customers create business agility. For more information, please visit http://www.flexe.com/ and connect with us on LinkedIn, Facebook, Twitter, and Medium.