On-demand warehousing and fulfillment company Flexe announced a $43 million Series B funding round on May 7.
The Seattle-based startup will use the new funds to accelerate the development of its technology platform, more than double the size of its team and continue to build the on-demand warehousing category, Flexe co-founder & CEO Karl Siebrecht said in a blog post.
Activate Capital and Tiger Global Management led the round, with additional participation from Madrona Venture Group and follow-on investments from current investors Redpoint Ventures, Prologis Ventures, and others.
The Series B round brings the total amount of money the company has raised to $63.5 million.
Flexe is essentially the Airbnb of warehouse space. It has created a marketplace of spare storage space, and merchants book that space through via an easy-to-navigate platform.
The company tripled its revenue in 2018 and last week implemented an upgrade that simplifies integrations, unlocks at-a-glance performance insights, and delivers new levels of operational transparency and traceability, Siebrecht said.
“We believe that the inevitable future of logistics is technology-driven and on-demand. Our vision of goods moving seamlessly, when and where they’re needed, requires this and the services Flexe provides,” he said.
