Stord raises a $90M Series D and turns unicorn; acquires FulFillmentWorks

SaaS News - Stord raises a $90M Series D and turns unicorn; acquires FulFillmentWorks (source: SaaS Industry)
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Stord, a cloud supply chain services provider, has raised $90 million from Kleiner Perkins in a Series D round, making it a unicorn. Stord has evolved into a cloud supply chain with an integrated platform to help businesses compete and thrive in the logistics market.

Stord, a cloud supply chain services provider, has announced that it has raised $90M in a Series D round from Kleiner Perkins at a valuation of $1.125B and has turned unicorn. Other than the funding, it has announced its acquisition of FulfillmentWorks in an undisclosed deal.

The participants in the funding round include Lux Capital, D1 Capital, Palm Tree Crew, BOND, Dynamo Ventures, Founders Fund, Lineage Logistics, and Susa Ventures. Also, Michael Rubin, the founder of Fanatics and GSI Commerce; Carlos Cashman, the CEO of Thrasio; Max Mullen, the co-founder of Instacart; and Will Gaybrick, the CPO of Stripe, all contributed to the round. 

Stord has evolved into a cloud supply chain that can help businesses compete and thrive in the logistics space, with an integrated platform “that’s available exactly when and where they need it,” according to co-founder Sean Henry. Stord is a platform that combines physical logistics services such as freight, warehousing, and fulfillment, with the goal of providing users with “complete visibility, rapid optimization, and elastic scale.”

The company claims that with FulfillmentWorks, it has increased its first-party warehouses and its network of over 400 warehouse partners and 15,000 carriers.

Sean claims that the company grew by 300 percent or more for the third year in a row in 2020 and that it is on course to do so again in 2021. According to Henry, Stord also made more than $100 million in sales in the first two quarters of 2021, and has increased its personnel from 160 last year to over 450 so far this year (including about 150 Fulfillment Works employees). Because the fourth quarter is traditionally when consumers do the most online shopping, Sean anticipates the three-month period to be Stord’s most profitable.

Stord wants to help businesses compete with Amazon, which has set high standards for fulfillment and delivery. The company promises two-day shipment to any location in the United States.

The supply chain is the new competitive battleground. Today’s buying expectations set by Amazon and the rise of the omni-channel shopper have placed immense pressure on companies to maintain more nimble and efficient supply chains. We want every company to have world-class, Prime-like supply chains.

Sean Henry, Cofounder at Stord

It’s trillions of dollars of products moving around with consumer expectation that these products will get to them the same day or next day, wherever they are. And while companies like Amazon have built amazing infrastructure to do that themselves, the rest of the world hasn’t really caught up. So there’s just amazing opportunity to build software and services to modernize this multi trillion-dollar market.

Ilya Fushman, Stord board director and partner at Kleiner Perkins

Stord debuted its software division in January 2020, and it increased 900 percent in the first year, becoming one of the company’s fastest-growing segments.

We built software to run our logistics and network of hundreds of warehouses. But if companies want to use the same system for existing logistics, they can buy our software to get that kind of visibility.

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