Flexe, a US-based warehouse rental platform developer, has secured $70m of series C funding from investors including Prologis Ventures, the corporate venturing unit for logistics property developer Prologis.
The round included funds advised by investment manager T. Rowe Price Associates, as well as growth equity firm Activate Capital, hedge fund manager Tiger Global Management and venture capital firms Madrona Ventures and Redpoint Ventures.
Founded in 2013, Flexe provides a cloud-based platform that allows retailers to rent spare warehouse space. It plans to use the new funding to invest in its team and technology.
Karl Siebrecht, Flexe’s co-founder and chief executive, said: “Starting in March, we saw a massive spike in e-commerce volumes that exceeded the 2019 holiday season.
“This investment will help us accelerate technology development, bring innovative solutions to market faster, and support the e-commerce volume growth that started early this year and shows no signs of slowing down.”
Flexe raised $43m in a May 2019 series B round co-led by Activate Capital and Tiger Global that included Madrona Venture Group and Redpoint Ventures. It had received $14.3m in its series A round led by Redpoint Ventures and backed by undisclosed investors in 2016.
The company had previously collected $4.4m of seed investment from Second Avenue Partners, SV Angel, Fritz Lanman and Hank Vigil in 2015, following $1.9m from undisclosed investors in the past. Its website also names Acequia Capital as an investor.