US-based Flowspace, a provider of warehouse-on-demand software and services, raised US$ 31 million in a Series B funding round on 16 March 2021.
Investors: The series B round was led by BuildGroup, with participation from existing investors Canvas Ventures, Industrious Ventures, Moment Ventures, 1984 Ventures, eGateway Capital and Y Combinator. Flowspace has raised UD$ 46 million to date.
Purpose of funding: The funds will be utilized by the company to expand its business and build on its capabilities like predictive analytics to help retailers achieve fulfilment network optimization through fulfilment hub and inventory positioning. It will also expand its team.
About Flowspace
Founded in 2017 by Ben Eachus and Jason Harbert, Flowspace provides a faster and easier way to store, manage and fulfil inventory from over 1000 certified warehouses and fulfilment centres. Its cloud-based platform is used by third-party logistics providers and commercial/industrial space owners having excess capacity. The brands that want more flexibility in their fulfilment network model also prefer Flowspace. The Flowspace network has access to hundreds of fulfilment centres in the US.
Flowspace experienced more than 10 times rise in orders in 2020 as its brand customers were forced to go digital due to the pandemic. Today, the brands need the flexibility of short-term fulfilment space and the ability to process the shipping in at least 2 days, mainly to satisfy the high consumer expectations set by Amazon Prime. This is where Flowspace helps them.
What the CEO has to say: “The brands need to offer faster and cheaper delivery, and that means products in different locations. While many of them can afford the risk of signing one lease, when they sign three of them, which is what you need to get to two-day saturation, it becomes challenging. So increasingly, they’re outsourcing in order to make that happen.” – Ben Eachus, co-founder and CEO of Flowspace“We have a tremendous opportunity to continue to go deeper in helping brands accurately predict their inventory needs. Increasingly, brands are handling fulfilment in a distributed fashion. It’s not just about providing flexible (facility) capacity, it’s about integration, figuring out where the order should ship from and where the warehouse needs to be. It’s been a core focus of ours for the last two years, and certainly accelerated over the past year.” — Ben Eachus.
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