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Stord raises $65m to boost retail supply chain
- April 13, 2021
- Steve Rogerson
Atlanta-based Stord, a company delivering a cloud supply chain for retailers and ecommerce brands, has raised $65m in series C funding led by Bond, bringing fundraising in the last six months to $100m.
Stord says it will use the funds to continue to build its technology platform and logistics infrastructure to help brands deliver products to their customers faster and more efficiently than they can do on their own.
“Distribution is critical in accelerating the adoption of ecommerce,” said Adam Ghetti, advisor to Bond. “Stord is helping to democratise access to the logistics software traditionally only available to the world’s largest retailers. By providing smaller retailers access to the sophisticated technology that the industry’s leading retailers are using, they will be better positioned to win in an increasingly competitive marketplace.”
The financing follows a record year of growth for Stord. In 2020, Stord more than doubled its headcount in response to revenue growth. This year, Stord expects to more than double its 2020 revenue and continue to expand its team.
With its cloud-based software platform connected to an end-to-end logistics network of more than 500 warehouses and over 20,000 carriers that are within 160km of more than 95 per cent of the US population, Stord helps brands such as Tyson Foods, Schneider Electric and Dollar General achieve a prime-like experience in their supply chains.
“We help our customers compete on a global scale with a new approach to distribution and fulfilment, utilising the best infrastructure and technology,” said Sean Henry, CEO of Stord. “Stord is becoming the cloud and network infrastructure of physical distribution for today’s largest and fastest growing brands, and the recent investments are accelerating the growth of our network.”
Bond led the round and was joined by Lineage Logistics, Salesforce Ventures and existing investors Dynamo Ventures, Founders Fund and Susa Ventures.
“Our customers need a trusted partner to provide flexible distribution capacity, especially during a period where the global pandemic is putting acute strain on the global supply chain,” said Adam Forste, co-executive chairman of Lineage Logistics. “As the world’s largest temperature controlled industrial REIT and logistics provider, we are excited to be part of Stord’s next chapter of growth as they expand to support their customers’ evolving needs with technology and distribution infrastructure. Through their complementary network to Lineage’s growing footprint of more than 340 facilities around the world, we see great long-term opportunity between our shared customers.”