Flexe Lands $4.4M Seed Round
SEATTLE, WA, Flexe, a startup that lets warehouse owners rent out empty space on a monthly basis, has raised $4.4 million in new VC funding.
Flexe, an online marketplace that connects businesses in need of flexible warehouse space to more than 200 warehouse operators with available space across North America, today announced the closing of $4.4 million in seed investment led by Fritz Lanman, Hank Vigil, Second Avenue Partners and SV Angel.
Previously, the company had raised $1.9 million, bringing the total amount raised to date to $6.3 million. According to Flexe co-founder and CEO Karl Siebrecht, the company will use proceeds from the latest round of funding to strengthen and expand the capabilities of its on-demand warehousing software platform that powers its marketplace. The company also plans to use a portion of the money raised to accelerate sales and marketing efforts and to further advance initiatives that ensure quality operations and customer service.
'We've built a highly-sophisticated, yet easy-to-use, platform that can dramatically improve warehousing efficiencies and ROI for organizations of any size,' said Siebrecht. 'As we enter our next phase of growth, we'll further build on the scale we've already achieved in our marketplace. This new 'spot market' for warehousing services will enable new levels of flexibility and agility in supply chains across the globe.'
The shift to managing inventory via on-demand warehousing, and how it can solve the age-old challenge of too much or too little warehouse space, is drawing the attention of investors.
'The capacity utilization problem in physical warehousing is vast; magnified by the seasonal nature of hard goods sales,' said Fritz Lanman, a former Microsoft executive and angel investor in Pinterest, Square, Wish and other tech startups. 'Flexe 'virtualizes' warehouse space so businesses can dynamically customize their space as their needs change. As the pioneers of this model, and with the scale they've already achieved in building their network of more than 200 warehouses, we believe that Flexe is positioned for long-term category leadership and could become a business on the scale of AirBnb or Amazon Web Services.'
Flexe connects organizations that need warehousing space to organizations with extra space. The company's platform transforms how logistics and supply chain professionals manage inventory peaks, returns and new market entry by creating warehouse networks that scale as necessary. Based in Seattle, Wash., Flexe has an online marketplace with more than 200 warehouses in over 45 markets across North America. More information on the company and its services can be viewed online at www.flexe.com.
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