FLEXE Secures $43 Million in Series B as the Dominant Player in the On-Demand Warehousing Category

SEATTLE, May 7, 2019 /PRNewswire/ -- Today, the leader in on-demand warehousing and fulfillment, FLEXE, announced $43 million in Series B funding. Activate Capital and Tiger Global Management led the round, which also included Madrona Venture Group and follow-on investments from current investors Redpoint Ventures, Prologis Ventures, and others. With the new investment, FLEXE will accelerate the development of its technology platform, more than double the size of its team, and continue to build the on-demand warehousing category it created.

In conjunction, Raj Atluru, Managing Director at Activate Capital, joins the FLEXE Board. "We are excited to announce our investment in FLEXE, the pioneer of on-demand warehousing, as the company continues to transform the $1.5 trillion global logistics industry," said Atluru. "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. We look for pioneering businesses, and FLEXE is exactly that."

"We are thrilled to have Activate Capital, Tiger Global, and Madrona Venture Group join the FLEXE team," said Karl Siebrecht, Co-Founder and CEO at FLEXE. "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."

Building the On-Demand Warehousing Category
Since launching in 2013, FLEXE has created the largest open network of warehouses connected through a single technology platform. Today, goods owners of all sizes can easily access more than 1,000 warehouses across North America. Recent achievements and milestones include:

• Tripled revenue growth in 2018, and was named the fastest growing company in Washington State and 18th fastest-growing company in North America by Deloitte.
• Expanded work with clients such as Ace Hardware, hims, Lime, and Great Jones to support innovative retail and logistics strategies that were previously impossible.
• Released major platform improvements that simplify warehouse integration complexity, unlock at-a-glance performance insights, and deliver new levels of operational transparency and traceability.
• Added three prominent executives to its leadership team: Matt Millen, previously Senior Vice President of Revenue at Outreach, as Chief Revenue Officer; Deirdre Runnette, former Zulily Senior Vice President and General Counsel, as Chief People Officer and General Counsel; and David Glick, Amazon Logistics Technology Vice President, as Chief Technology Officer.

About FLEXE
FLEXE is reinventing warehousing and fulfillment to optimize the global delivery of goods. As the leader in on-demand warehousing, FLEXE helps forward-looking brands create dynamic eCommerce fulfillment networks and resolve warehouse capacity constraints. Based in Seattle, the FLEXE team is dedicated to transforming the logistics industry and helping clients create agility in their businesses. For more information, please visit http://www.flexe.com/ and connect with us on LinkedIn, Facebook, Twitter, and Medium.

SOURCE FLEXE