Richmond’s Warehowz has raised $2.34 million in equity funding, according to a recent Securities and Exchange Commission filing.
The company has constructed a network of on-demand warehouse space across the country, contracting out unused space in existing facilities. It then connects shippers with short-term storage rentals. Warehowz raised the new funding from 22 investors, according to an SEC filing made public Friday. The startup said it was seeking to raise up to $3 million.
With the recent raise, Warehowz has now raised more than $12 million since it was founded in 2017, according to PitchBook.
I’ve reached out to Warehowz co-founder and CEO Darrell Jervy to find out more about the raise and the company's plans for the new funding. I will update this post if I hear back. Companies sometimes decline to discuss active funding raises for fear of running afoul of SEC regulations. The company mentioned the in-progress round to us for a story last month.
Warehowz recently entered a partnership with Pennsylvania third-party logistics company Nexterus to help its customers find excess warehouse space. The move is part of a strategic shift for Warhowz, connecting transport firms with its warehousing services.
Third-party logistics companies, or 3PLs, are organizations that help companies move products from one place to another. A large company like Amazon or Walmart conducts shipping and logistics internally, but most companies need help finding trucks and managing logistics.
The 3PLs also have clients with warehouse needs, and Warehowz has been working with these companies to funnel business to its own network.
“Our 3PLs have brought us everything from pizzas to caskets,” Chief Revenue Officer Rich Oprison said in August.
