US-based on-demand warehouse marketplace Flexe received $43m on Tuesday in a series B round that included Prologis Ventures, the corporate venturing arm of logistics property developer Prologis.
The round was co-led by growth equity firm Activate Capital and hedge fund manager Tiger Global Management and included Madrona Venture Group and Redpoint Ventures, while Activate Capital managing director Raj Atluru has joined the company’s board of directors.
Founded in 2013, Flexe operates a cloud-based platform that allows customers such as online retailers to find and book space in warehouses that have spare capacity. It will use the capital to double headcount and invest in the development of its platform.
Karl Siebrecht, Flexe’s co-founder and chief executive, said: “At Flexe, we believe the on-demand warehousing category will be as big as, if not bigger than, on-demand cloud computing, cars and lodging.”
Redpoint Ventures led Flexe’s $14.2m series A round in 2016, adding to $4.4m the company had raised from Second Avenue Partners, SV Angel and private investors Fritz Lanman and Hank Vigil in a seed round the previous year. It had collected $1.9m from undisclosed investors prior to that round.