Flowspace Raises $31 Million to Expand Fulfillment Platform
New Round Led by BuildGroup Provides Capital to Scale Company’s Explosive Growth
LOS ANGELES–(BUSINESS WIRE)–Flowspace, the fulfillment technology platform that’s disrupting the way that e-commerce companies store and ship their products, today announced $31 million in new funding.
The new Series B investment was led by BuildGroup of Austin, Texas with participation from existing investors. Founded in 2017, Flowspace has now raised a total of $46 million that includes investment from Canvas Ventures, Industrious Ventures, Moment Ventures, 1984 Ventures, eGateway Capital and Y Combinator.
Flowspace helps businesses manage their warehousing and fulfillment through its proprietary software platform which now runs in hundreds of partnering fulfillment centers across the US. “Our software powers the entire journey of getting an online order to your door. The combination of increased visibility and ability to fulfill orders across the country enables our customers to grow,” said Ben Eachus, co-founder and CEO of Flowspace.
“The pandemic has accelerated the adoption of e-commerce among businesses and consumers alike and warehousing and fulfillment is critical in supporting this growth,” said Eachus. “We make it easy for brands to scale by giving them access to one of the largest and most efficient fulfillment networks in the country.”
The company’s ability to efficiently handle huge demand created by the pandemic captured the attention of BuildGroup— an investment company founded by former Rackspace CEO Lanham Napier that applies proven operator expertise to build high-performing SaaS businesses.
“Necessity is the mother of invention and, in this case, expedited adoption as well,” said Jim Curry, co-founder and managing partner of BuildGroup. “In the same way that the pandemic increased adoption of video conferencing, it also accelerated the adoption of plug-and-play warehousing and fulfillment services by retailers and e-commerce companies. As the industry continues to advance, no company is better positioned for long-term category leadership than Flowspace.”
After several months of using the Flowspace platform, a growing number of e-commerce companies now see on-demand warehousing and fulfillment as a long-term solution moving forward.
“Choosing Flowspace as our fulfillment partner is one of the best decisions we’ve made,” said Lindsey Weening, vice president of operations at Madefor, a maker of a direct-to-consumer wellness/mental health program that sends monthly habit-forming kits. “Their platform is easy-to-use and has enabled us to manage our rapid growth. At each inflection point of our growth, we’ve been amazed by Flowspace’s ability to help us scale.”
About BuildGroup
BuildGroup is a SaaS growth stage investment company, purpose-built to help CEOs and their leadership teams achieve their full potential. Founded by Rackspace veterans Lanham Napier, Jim Curry and Klee Kleber, BuildGroup has a tried and tested ability to build and unite high-performance teams on a global scale. Its operator-centric philosophy is tailored to the unique needs and challenges of every CEO it works with, creating a model for servant investing, executive engagement and company growth that goes beyond board meetings and cap tables. For more information on BuildGroup, its investment strategy and portfolio companies, visit www.buildgroup.com.
About Flowspace
Flowspace is a logistics platform. The company handles the storage, fulfillment and transportation from a single interface. By using the company’s easy-to-use cloud-based software platform, brands gain immediate access to hundreds of professionally operated fulfillment centers strategically located throughout the U.S. More information on the company and its services can be viewed online at:https://www.flow.space
Contacts
For Flowspace: Dan Branley, 206.914.1231
[email protected]
For BuildGroup: Danielle South, 512.662.7078
[email protected]
