FLEXE, a Seattle-based startup that offers retailers on-demand warehouse space, has raised another $10 million of a Series C funding round it first announced last month.
The extra cash brings the round up to $80m, adding a significant amount to FLEXE’s $144m total backing. The self-styled “warehousing-as-a-service” firm, founded in 2013, is enjoying a sales burst due to the COVID-19 pandemic’s acceleration of e-commerce in the United States. It’s near-2,000 warehouse spaces is a 50% increase on last year, according to the company.
“This new capital enables us to continue growing our team and delivering innovative logistics solutions so our customers can grow and adapt in any environment,” said FLEXE CEO Karl Siebrecht.
“The pandemic placed immense strain on the global supply chain,” he added. “Goods were delayed in China, and by the time they reached their destinations, most stores were closed. e-commerce saw ten years’ growth in 10 weeks, and businesses weren’t prepared to manage those volumes.
“Even now as we are in Q4 holiday peak, inventory, labor, and carrier availability and capacity are far more uncertain than in prior years,” said Siebrecht. “This ‘black swan’ event has shown a spotlight on the need for resilience and agility in supply chains, and this is the foundational principle of FLEXE.”