Seattle-based logistics company Flexe has raised $119 million in a Series D funding round that will help the brand continue to solve omnichannel logistics issues and also pushed it into unicorn territory as a private company with a valuation of more than $1 billion, according to a Tech Funding News report.
Flexe’s fundraising round included participation from funds and accounts managed by BlackRock (which invested in SumUp and AlphaSense) and follow-on investment from Activate Capital, Madrona Ventures, Prologis Ventures, Redpoint Ventures, funds and accounts advised by T. Rowe Price Associates and T. Rowe Price Investment Management, and Tiger Global, the Thursday (July 7) report said.
The fresh capital comes to Flexe at a time when enterprises are continuing to accelerate its logistics program adoption, according to the report.
“Flexe uniquely helps enterprise retailers and brands solve big supply chain challenges and excel in uncertain environments,” said Samir Menon, BlackRock Private Equity Partners, in the report. “Flexe has demonstrated that programmatic logistics deliver value for the world’s most demanding companies. We’re pleased to partner with a category creator that is transforming a massive industry.”
Flexe’s model brings together on-demand warehousing with flexible eCommerce fulfillment, distribution and transportation through one technology platform.
“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,” said Karl Siebrecht, co-founder and CEO at Flexe, in the report. “Our model allows organizations to scale fast in strong economic environments and reduce risk, capital investment and long-term commitments when they face uncertainty.”
Last week, transportation and logistics company Geodis announced it has obtained regulatory approvals and completed its acquisition of Keppel Logistics, consolidating Geodis’ footprint and eCommerce operations in the Asia-Pacific region, especially in Singapore.
Keppel Logistics is based in Singapore and has nearly 500 employees, according to the announcement. The company runs roughly 200,000 cubic meters of warehouse space in Singapore, Malaysia and Australia, and Geodis said that the new space will complement its “existing high-tech facilities, including its chemical, ambient temperature and temperature-controlled storage.”
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