Startup News: Logistics network provider Stord raises $65 million in Series C funding
Stord offers a logistics network that also gives brands access to a cloud-based software platform
Stord, which offers a logistics network and technology platform for ecommerce brands, has announced it has raised $65 million in Series C funding led by BOND, bringing the company’s fundraising in the last six months to $100 million. Stord will use the funds to continue to build its technology platform and logistics infrastructure to help brands deliver products to their customers.
“Distribution is critical in accelerating the adoption of ecommerce,” said Adam Ghetti, advisor to BOND. “Stord is helping to democratize access to the logistics software traditionally only available to the world’s largest retailers. By providing smaller retailers access to the sophisticated technology that the industry’s leading retailers are using, they will be better positioned to win in an increasingly competitive marketplace.”
The financing follows a record year of growth for Stord. In 2020 alone, Stord more than doubled its headcount in response to significant revenue growth. This year, Stord expects to more than double its 2020 revenue and continue to expand its world class team. With its cloud-based software platform connected to an end-to-end logistics network of more than 500 warehouses and over 20,000 carriers that are within 100 miles of more than 95 percent of the US population, brands like Tyson Foods, Schneider Electric, and Dollar General rely on Stord to achieve a prime-like experience in their supply chains.
“We help our customers compete on a global scale with a new approach to distribution and fulfillment, utilizing the best infrastructure and technology,” said Sean Henry, co-founder and CEO, Stord. “Stord is becoming the cloud and network infrastructure of physical distribution for today’s largest and fastest growing brands, and the recent investments are accelerating the growth of our network.”
BOND led the round and was joined by Lineage Logistics, Salesforce Ventures, and existing investors Dynamo Ventures, Founders Fund, and Susa Ventures.
“Our customers need a trusted partner to provide flexible distribution capacity, especially during a period where the global pandemic is putting acute strain on the global supply chain,” said Adam Forste, co-founder and co-executive chairman of Lineage Logistics. “As the world’s largest temperature controlled industrial REIT and logistics provider, we are excited to be part of Stord’s next chapter of growth as they expand to support their customers’ evolving needs with technology and distribution infrastructure. Through their complimentary network to Lineage’s growing footprint of more than 340 facilities around the world, we see great long-term opportunity between our shared customers.”
Stord is a distribution partner for retailers and ecommerce companies like Tyson Foods, Schneider Electric and Dollar General, and is backed by BOND, Founders Fund, and Kleiner Perkins.
