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Blog postsMay 07, 2019

Announcing FLEXE’s $43M Series B Funding

A letter from our CEO on FLEXE’s momentum and what’s next

Karl Siebrecht, Co-founder & CEO, FLEXE

Today, I am excited to share that FLEXE, the creator of and leader in on-demand warehousing and fulfillment, has secured $43 million in Series B funding.

We are thrilled to hit this milestone. I am so proud of our entire FLEXE team, and so appreciative of the hard work, dedication, and commitment that has gotten us here. I also want to thank our investors, our families, and everyone who has believed in us along the way.

Above all, none of this would be possible without our warehouse partners and our clients. You have taught us, helped us, and challenged us, and we are better because of it. Everything we’ve built has been to help you solve hard problems and help you win in today’s market. There is much ground yet to cover, but I want to thank you for your amazing partnership thus far.

Our mission

Since launching in 2013, we’ve been on a mission to optimize the global delivery of goods for our clients. In the last five years, we have created the largest open network of warehouses connected through a single technology platform, providing access to services from more than 1,000 best-in-class warehouses across North America.

FLEXE is reinventing warehousing and fulfillment. We have taken something traditionally static and rigid, and created an entirely new model from a technology-first mindset. In doing so, we’ve made warehousing and fulfillment flexible, simple, and scalable—giving our clients what we call “structural flexibility.”

How did we get here?

My co-founders, Francis Duong, Edmond Yue, and I were at a housewarming party five years ago when a friend presented us with a real business challenge in logistics: The inflexibility of warehousing. His business, True Brands, was growing and it was difficult to predict what capacity and services he would need next month, let alone in a year. He challenged us to solve it. When we did, he became our first customer.

We didn’t know it then, but it soon became clear we were about to invent an entirely new business category: On-demand warehousing. After surveying the landscape, we realized how common this challenge was for retailers and brands of all sizes. Traditional warehousing solutions are rigid; we knew there was a better way.

Creating a new category is not without challenges. You’re building something from scratch, learning as you go, and you’re asking customers to rethink established processes that have otherwise gone unquestioned.

We wouldn’t be here without those first clients like True that made a bet on us. Because of them (and a lot of grit), we’ve been able to grow at an incredible rate and help our clients solve some of their biggest logistics challenges.

Since the day this idea was hatched, the momentum hasn’t stopped. In 2018, we tripled our growth and were named the fastest-growing company in Washington State, and the 18th fastest growing company in North America by Deloitte. We’ve also recently added three prominent executives (and fantastic people!) to the FLEXE team: Matt Millen, previously Senior Vice President of Revenue at Outreach, as Chief Revenue Officer; Deirdre Runnette, former zulily Senior Vice President and General Counsel, as Chief People Officer and General Counsel; and David Glick, Amazon logistics technology Vice President, as Chief Technology Officer.

What’s next for FLEXE?

This is just the beginning for FLEXE. While I’m super proud of the hard work that’s gotten us here today, our greatest achievements lie ahead.

With this new major injection of capital, we will further accelerate the investment into our technology platform, expand and deepen our relationships with warehouse partners, and grow our amazing team with more world-class logistics and technology talent.

Just last week, we released major platform improvements that simplify integrations, unlock at-a-glance performance insights, and deliver new levels of operational transparency and traceability.

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.

The opportunity is massive, and we’re hungry. Having great partners and investors like Activate Capital, Tiger Global Management, Madrona Venture Group, Redpoint Ventures, and Prologis, is part of what makes our future so bright.

The next chapter will be even more exciting for FLEXE, and we can’t wait.

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