Online-Only Store Boxed Raises $111 Million in Funding

By StartUp City

Boxed, an NYC-based company that delivers bulk-sized groceries raised $111 Million in Series D funding round led by Aeon Co. Ltd, a Japanese large grocery retailer. Other investors included Alpha Square Group, CDIB Capital, consumer technology investor Gabriel Naouri and existing investors. With this round, Boxed will knowledge-share with Aeon on logistics, robotics, and AI-driven data usage and accelerate Aeon’s digital transformation. The two companies will further collaborate on technology and business models.

With the funding, the company will use the new capital to continue to ramp up automation of facilities with hardware developed by Boxed’s in-house robotics team. The company is exploring the future expansion of its operations around the country, including in the Chicago area, where execs have begun visiting potential new sites for a Midwest-based facility.

Led by Chieh Huang, co-founder and CEO, Boxed provides a mobile app that allows users to have a ‘direct-to-their-door’ access to all of their favorite warehouse club products, without membership fees. The brand’s discovery-based design combines the treasure hunt experience with a curated selection of everyday essentials, which includes household staples, health and beauty supplies, office pantry items, groceries and a wide variety of organic and green products. A technology company at its core, Boxed has recently created its fleet of autonomously guided vehicles in its fulfillment centers, which are powered by software developed by its team of engineers.