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The round involved follow-on investments from Activate Capital, Tiger Global, Prologis Ventures, Madrona Ventures, Redpoint Ventures, and others, as well as a first-time investment from funds and accounts advised by T. Rowe Price Associates.
Fremont, CA: FLEXE, the on-demand warehousing and fulfilment leader, has closed a $70 million Series C round of funding. The round involved follow-on investments from Activate Capital, Tiger Global, Prologis Ventures, Madrona Ventures, Redpoint Ventures, and others, as well as a first-time investment from funds and accounts advised by T. Rowe Price Associates. FLEXE plans to utilize the new funding to invest in its team and technology, building solutions that help enterprise-class retailers as well as brands better execute flexible omnichannel operations.
The COVID-19 pandemic sped up the shift to online shopping. eCommerce sales witnessed the same rate of growth in 10 weeks as the prior 10 years. That growth, and increased consumer demands for fast, free shipping, has exposed the requirement for businesses to quickly scale as well as adapt their logistics networks without investing anything in fixed warehousing infrastructure.
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"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," stated 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," stated 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."
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