Venture capital firm Kleiner Perkins led the funding round, which increased the Atlanta-based warehousing and distribution startup’s capital raised to $15 million.
Atlanta-based warehousing and distribution startup Stord raised $12.3 million in Series A funding led by venture capital firm Kleiner Perkins with existing investors Susa Ventures and Dynamo, Stord founder and CEO Sean Henry said in a blog post.
Stord, which uses a cloud-based platform to provide companies with storage, freight, installations and other solutions through a nationwide 3PL network, will use the capital to expand its network of warehouses, distribution facilities and transportation centers, Henry (pictured above) said. The company also will hire more than 50 new employees before 2020 and grow its engineering organization, he said.
Henry said Stord grew its revenue roughly 10 times and expanded its workforce from five employee to 30 in the last year.
The Series A funding round came 11 months after Susa Ventures and Dynamo co-led a $2.4 million seed round, which also included investments from Chris Klaus, Revolution’s Rise of the Rest Seed Fund and Engage. Kleiner Perkins’ partner Ilya Fushman joined Stord’s board of directors as part of the Series A funding, which increased the company’s capital raised to date to $15 million.
“Our team is passionate about living at the intersection of global logistics and enterprise software,” Henry said in the blog post. “This investment will serve as a great foundation for us to transform the $163 billion … warehousing and distribution industry, and impact the $1.5 trillion dollar logistics and supply chain industry as a whole.”
Flowspace, an on-demand warehousing and fulfillment technology company, also announced earlier this week it secured $12 million in Series A funding led by Canvas Ventures, which increased the startup’s total funding to $15.4 million.