Seattle-based logistics startup Flexe raised a $119 million Series D at a $1 billion-plus post-money valuation, as the world continues to grapple with supply chain disruptions.
The round included new investments from funds and accounts managed by BlackRock and follow-on investment from Activate Capital, Madrona Ventures, Prologis Ventures and Redpoint Ventures, as well as funds and accounts advised by T. Rowe Price Associates and T. Rowe Price Investment Management, and Tiger Global.
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Flexe’s programmatic logistics technology platform helps large retailers and other brands with e-commerce fulfillment, scalable warehousing solutions and retail distribution. Such technologies have become valuable to retailers as they navigate an uncertain economy, changing consumer behaviors and supply chain gridlock.
Logistics and money
Later-stage growth rounds have been harder to raise this year than last. However, investors remain interested in logistic and supply chain tech as the world continues to try to overcome distribution issues born out of the pandemic.
VC-backed logistic startups have raised nearly $11.5 billion this year, according to Crunchbase data. While not on pace to reach the nearly $24.5 billion raised last year, companies like Novi, Michigan-based Lineage Logistics, and San Francisco-based Flexport have seen big rounds.
“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.
Founded in 2013, Flexe has raised more than $260 million, according to Crunchbase data. The company last raised an $80 million Series C that closed in early 2021.
Illustration: Dom Guzman
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Author: Chris Metinko