Stord, a warehousing and logistics company, announced additional $ 120 million in D-Series funding on Tuesday, bringing the total funding for this D-Series to $ 210 million. The first $ 90 million was announced in September.
The latest funding was headed by Franklin Templeton. The entire D series included the participation of new investors Sozo Ventures, Strike Capital and 137 Ventures, as well as existing investors Kleiner Perkins, Founders Fund, BOND, Susa Ventures, Dynamo Ventures, Lux Capital and Salesforce Ventures.
The new funding estimates Stord at $ 1.3 billion.
“Supply chains have become the new competitive differentiator for brands. Consumer expectations on the Internet, combined with recent supply chain disruptions, labor shortages and logistics problems, are forcing companies to reconsider, prioritize and reinvest in their supply chains, ”said Sean Henry, co-founder and CEO of Stord. “With Stord, companies will never have to worry about their logistics again.”
See: Sean Henry of Stord talks about business development
Stord since its inception, there has been significant growth, in part due to the rapid acceleration of e-commerce costs. According to a recent McKinsey report, 90% of supply chain managers expect to review IT supply chain planning technology over the next five years. This has increased interest in the Stord solution, which is a cross-cutting solution for shippers through a cloud platform connected to warehouses and carriers. The company offers national warehousing, digital shipping, an integrated logistics network and two-day e-commerce orders from anywhere in the US
The supply chain is evolving
“Supply chain infrastructure has yet to evolve to meet today’s customer expectations or the complex needs of omnichannel business,” said Robert Stevenson, co-director of private investment at Franklin Equity Group at Franklin Templeton. “Numerous supply chain problems over the past few years have exacerbated the situation by exposing the fragmentation and rigidity of traditional supply chains. Stord connects physical supply chain infrastructure and services with cloud software and opens up world-class logistics capabilities as a scalable plug-and-play utility for growing brands. ”
Over the past six months, Stord has grown from 400 to more than 700 and expects to end 2022 with more than 1,000 employees. It now has more than 1,000 facilities in its network, and major retail brands, including Thrasio, Native, Tula, JUDY, Curie and One Fresh Pillow, have joined its network.
The executive ranks have also been strengthened by veteran talents from some of the world’s leading companies, including Steve Swan, formerly of Amazon, chief operating officer; Shaam Sundar, formerly of Amazon, Zendesk and Mapbox, as vice president of technology; Sarah Feulner, formerly of Bumble, as Vice President for Human Affairs; Mark Satiski, formerly of NCR, as vice president of corporate development; and Mario Paganini, formerly of Shippo, as Vice President of Marketing.
Stord acquired Execution of worksdirectly to the consumer performance provider, in September. Fulfillment Works has three warehouses – in Reno, Nevada, and North Haven and Shelton, Connecticut. The company offers EDI order processing, logistics management services, warehouse management, inventory management and additional services such as customer service and call center outsourcing and individual packaging services.
You may also like:
Sign up today for the future of supply chains # FOSC22
Leading voices in the supply chain come to Rogers, Arkansas, May 9-10.
* Limited prices available.