Seattle-based Flexe recently reached a $1 billion valuation with its latest $119 million Series D funding round.
Founded in 2013, Flexe provides programmatic logistics warehousing, transportation and fulfillment services for both online and physical retailers. The asset-light provider doesn’t own or manage any of the facilities used by its customers, which include Ace Hardware, BJ’s Wholesale Club, Ralph Lauren, Staples and Walmart.
“Despite changing economic conditions, Flexe added nearly as many enterprise customers in the first six months of 2022 as it did all of last year and continues to see strong demand,” Karl Siebrecht, Flexe co-founder and CEO, said in a news release.
With the latest round, total funding is $265 million to date. The round includes new investments from funds and accounts managed by BlackRock and follow-on investment from Activate Capital, Madrona Ventures, Prologis Ventures and Redpoint Ventures. It also includes funds and accounts advised by T. Rowe Price Associates, T. Rowe Price Investment Management and Tiger Global.
| Funding details | Flexe |
| Funding amount | $119 million |
| Investors | Activate Capital, Madrona Ventures, Prologis Ventures, Redpoint Ventures |
| Total funding | $265 million |
Flexe’s growth has been bolstered by the rapid consumer shift to e-commerce buying over the last few years.
E-commerce sales totaled $870 billion in the U.S. in 2021, a 14.2% increase over 2020 and a 50.5% increase over 2019, according to data from the U.S. Commerce Department. E-commerce sales for the first quarter of 2022 totaled $250 billion, an increase of 2.4% over the same period in 2021.
“Flexe has demonstrated that programmatic logistics deliver value for the world’s most demanding companies,” Samir Menon, a director at BlackRock Private Equity Partners, said in a statement. “We’re pleased to partner with a category creator that is transforming a massive industry.”
Watch: Solving omnichannel logistics problems with Flexe.
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