FLEXE, a Seattle based startup that lets companies that connects companies that need storage space with companies that have room to store, scored new funding for further growth.
It announced today that it secured $43 million in Series B funding from five financers: Tiger Global Management and Activate Capital (both leading), Prologis Ventures, Redpoint Ventures, and Madrona Venture Group. FLEXE has so far raised more than $61 million in funding from combined Seed, A and B series rounds.
FLEXE plans to accelerate the development of its technology platform, grow its staff, and build on its concept of on-demand warehousing.
“We are thrilled to have Activate Capital, Tiger Global, and Madrona Venture Group join the FLEXE team,” said FLEXE co founder and CEO Karl Siebrecht, in a statement. “Tiger Global is one of the most sophisticated and experienced eCommerce and logistics technology investors in the world, Activate has a specific focus on technologies that are transforming the industrial economy including the supply chain, and we all share a common vision for how technology will continue to fundamentally transform logistics in the years to come. At FLEXE, we believe the on-demand warehousing category will be as big as, if not bigger than, on-demand cloud computing, cars, and lodging.”
FLEXE also announced that it has added Raj Atluru, Managing Director at Activate Capital, to its board. “FLEXE presents such clear value for forward-looking businesses who recognize that structural flexibility is a competitive differentiator and key ingredient to winning in the market,” Atluru said. “We look for pioneering businesses, and FLEXE is exactly that.”
FLEXE’s online marketplace features more than 200 warehouses in 45 North American markets.
Video content credit: FLEXE inc/You Tube.