The outsourced logistics platform vendor Stord plans to expand its capability to provide warehousing, freight, and fulfillment services on a single platform, thanks to a $120 million funding round, the firm said Tuesday.
The seven-year-old, Atlanta-based startup has now raised $325 million in total funding and achieved a valuation of $1.3 billion. The “series D extension” round was led by Franklin Templeton and follows an original “series D” round of $90 million in 2021 that included participation from new investors Sozo Ventures, Strike Capital and 137 Ventures, along with existing investors Kleiner Perkins, Founders Fund, BOND, Susa Ventures, Dynamo Ventures, Lux Capital, and Salesforce Ventures.
Stord says its platform levels the playing field for mid-market and enterprise companies, as ongoing supply chain disruptions impact the entire global economy. In pursuit of that goal, the company in the past six months has increased its warehouse network to more than 1,000 facilities across the U.S. and grown its headcount from 400 to over 700 people, with plans to close 2022 with more than 1,000 employees.
"Supply chain infrastructure has yet to evolve to meet today's customer expectations or the complex needs of omnichannel business," Robert Stevenson, co-director of private investing with Franklin Equity Group at Franklin Templeton, said in a release. "The many supply chain challenges of the past few years have exacerbated this situation, exposing the fragmentation and rigidity of traditional supply chains. Stord connects physical supply chain infrastructure and services with cloud software, and opens up the power of world-class logistics as a scalable plug and play utility for growing brands."
In further support for fulfillment and delivery networks, investors today also provided $76 million of venture capital for the same-day freight company Mothership. The Austin, Texas-based firm now intends to use the capital to expand its on-demand freight platform nationwide, thanks to the new backing from Benchmark, WestCap, Bow Capital, former Con-way Freight CEO Douglas Stotlar, and others.
“The last two years have taught us the importance of the supply chain. I believe Mothership is leveraging technology and a marketplace model to have a bigger impact for consumers and carriers in the short-haul and final mile,” Benchmark General Partner Bill Gurley said in a release. “In the ongoing great logistics reshuffling, Mothership is built to help get things done in an increasingly on-demand world.”