Seattle-based logistics startup Flexe Inc. has raised $67.9 million, according to a Securities and Exchange Commission filing from Thursday.
The new funding comes after Flexe raised $70 million in late 2020 and followed that up with an additional $10 million in January 2021. The company didn't respond to a request for comment on the new funding.
"E-commerce spending has gone up so dramatically in the U.S. market, and really all markets, that companies selling product need more e-commerce fulfillment capacity, and they need to find it quickly," Flexe co-founder and CEO Karl Siebrecht previously told the Business Journal. "One of the big solutions that Flexe provides is e-commerce fulfillment solutions, so that has been a real driver of our business even beyond our growth expectations, which were already high."
The SEC filing also lists Hassan Natha as an executive officer. According to his LinkedIn page, Natha was most recently the chief financial officer at Paula's Choice Skincare.
Flexe's previous CFO, Ian Charles, left the company in September, roughly six months after joining from San Francisco-based Scoop Technologies, a managed carpool platform. Flexe didn't immediately confirm whether Natha has stepped into Flexe's CFO position.
Flexe, founded in 2013, works with businesses to turn warehouse space from a fixed cost to a variable cost, offering clients a way to pay for space only when they need it. Flexe also pledges faster delivery times and lower transportation costs by allowing clients to access warehouse space closer to end customers. The company's clients include Great Jones and Ace Hardware.
Seattle-area logistics companies have had a busy year raising cash. On Thursday, Seattle-based freight network startup Convoy raised $260 million in new funding and reached a value of $3.8 billion. Seattle-based logistics technology company Shipium, meanwhile, raised $27.5 million earlier this month, and Seattle-based e-commerce shipping startup Pandion raised $30 million in October.
