Logistics startup Stord raises $90M in Kleiner Perkins-led round, becomes a unicorn and acquires a company – TechCrunch

When Cleaner Perkins led Stord’s $ 12.4 million Series A in 2019, its founders were in their early 20s and were so enthusiastic about their startups that they each dropped out of their respective schools to focus on growing the business.

The fast-forward two-year and Stord-Atlanta-based company that has developed the cloud supply chain is also raising more capital in another round, led by Cleaner Perkins.

This time around, Stord has raised 90 90 million in Series D rounds at a post-money valuation of 1. 1.125 billion – more than double the value of સી 510 million raised in Series C financing just six months ago. .

In fact, today’s fund is the third mark of the standard since the beginning of December 2020, when it extended its Series B under the leadership of Peter Thiel’s Founders Fund and brought the company’s total to $ 205 million since early 2015.

In addition to Cleaner Perkins, Lux Capital, D1 Capital, Palm Tree Crew, Bond, Dynamo Ventures, Founders Fund, Lineage Logistics and Susa Ventures also participated in the Series D financing. In addition, Michael Rubin, founder of fundamentalists and founder of GSI Commerce; Carlos Cashman, CEO of Thracio; Max Mullen, co-founder of InstaCart; And Will Gabrik, CPO at Strip, puts money in the round. Previous supporters include Boxgroup, Susa Ventures, Dynamo, Revolution and Rise of the Rest Seed Fund.

Founders Sean Henry, 24, and Jacob Boudreau, 23, while Henry was in Georgia Tech and Boudreau was in online classes at Arizona State (ASU), but ran his own business with a software development firm in Atlanta.

Over time, the stored cloud has evolved into a supply chain that can give companies a way to compete and grow with logistics, and provides an integrated platform “available to them when and where they need it.” Stord combines physical logistics services such as freight, warehousing and fulfillment into the platform, which aims to provide “full visibility, fast optimization and elastic scale” for its users.

About two months ago, Stord announced the opening of its first fulfillment center, a 386,000-square-foot facility in Atlanta, with warehouse robotics and automation technology. “We were in a building for the first time, which was running to the end,” Henry said.

And today, the company is announcing that it has acquired Connecticut-based Fulfillment Works, a 22-year-old company with direct-to-consumer (DTC) experience and warehouse in Nevada and its home state.

With FulfillmentWorks, the company says it has expanded its first-party warehouse, with more than 400 warehouse partners and a network of 15,000 carriers.

While Stord would not disclose the amount paid for fulfillment works, Henry shared some of Stord’s impressive financial metrics. He said the company had grown 300+% for the third year in a row in 2020, and is on track to do so again in 2021. According to Henry, Stord also earned 100 100 million in the first two quarters of 2021. , And increased its headcount from 160 people last year to more than 450 in 2021 (including about 150 fulfillment works employees). And many times in the fourth quarter when people shop the most online, Henry expects the three-month period to be Stord’s heaviest revenue quarter.

In some respects, Stord’s new sales increased “7x” in the second quarter of 2020 compared to the same period last year. So far, sales in the third quarter have increased nearly 10-fold, according to Henry.

Simply put, Stord’s goal is to give brands a way to compete with Amazon’s choices, which expect faster fulfillment and delivery. The company guarantees two days shipping anywhere in the country.

The supply chain is a new competitive battlefield, Henry said. “Today’s buying expectations set by Amazon and the rise of omni-channel shoppers have put tremendous pressure on companies to maintain a more agile and efficient supply chain … We want every company to have a world-class, prime-like supply chain.”

According to Henry, what makes Stord unique is the fact that it is believed to be the only end-to-end logistics network that combines physical infrastructure with software.

That’s also one reason Cleaner Perkins doubled its investment in the company.

Ilya Fushman, director and partner at Stord Board at Cleaner Perkins, also said at the time of her company’s investment in 2019 that Henry had shown “amazing maturity and vision”.

At a higher level, the firm was only drawn to what it described as an “attractive huge market opportunity.”

“These trillion-dollar products are circulating with the expectation that consumers will get them the same day or the next,” Fushman told TechCrunch, “and while companies like Amazon have built amazing infrastructure for themselves, the rest of the world hasn’t really caught on.” … so this is a wonderful opportunity to create software and services to modernize the multi-billion dollar market. “

In other words, Fuchsman explained, the store is serving as a “plug and play” or “one stop shop” for retailers and merchants so they don’t have to spend resources on their own warehouse or building their own logistics platform.

Stord launched the software portion of its business in January 2020, and grew 900% during that year, and today it is one of the fastest growing parts of its business.

“We’ve created software to run our logistics and network of hundreds of warehouses,” Henry told TechCrunch. “But if companies want to use the same system for existing logistics, they can buy our software to get that kind of visibility.”

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