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FLEXE Raises $14.25M in Series A FundingSEATTLE, July 21, 2016 /PRNewswire/ -- FLEXE, a rapidly-growing online marketplace that connects businesses in need of flexible warehouse space and services to more than 300 warehouse operators across North America, today announced the closing of $14.25 million in Series A investment. The round was led by Redpoint Ventures and also included investment from undisclosed investors. Founded in 2013, FLEXE has now raised a total of $20.55 million in funding with previous investments of $6.3 million coming in the form of seed capital. The company will use the new capital to scale, meeting the growing demand from its Fortune 1000 and e-commerce customers as well as warehouse partners across North America. The company is also allocating a portion of the proceeds to add additional fulfillment and analytics functionality to the technology platform powering the FLEXE marketplace. "Amazon has spent billions of dollars and leveraged its network of 150-plus warehouses and distribution centers to create a huge competitive advantage when it comes to reducing delivery time and costs," said FLEXE CEO Karl Siebrecht. "Our marketplace enables any business to level the logistics playing field by providing immediate access to a much larger network of warehouses and related services." Over the ast year, FLEXE has grown its marketplace to more than 300 warehouses in 45 markets throughout North America, representing over 10M-square-feet of space and roughly 1,000,000 pallet positions. The company expects those numbers to at least double by the end of 2017. "Marketplaces become more valuable – to both the sellers and the buyers that use them – as they scale and become larger," said Ryan Sarver, Partner at Redpoint Ventures. "Over the past year, FLEXE has achieved a tremendous amount of growth and is well-positioned to extend its leadership position in this new and disruptive category." About Redpoint Ventures About FLEXE FOR MORE INFORMATION: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/flexe-raises-1425m-in-series-a-funding-300301802.html SOURCE FLEXE |