FLEXE Secures $70M Series C Round
December 1, 2020
FLEXE
closed its $70 million Series C funding 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%. |