Stord, the cloud supply chain leader, has announced that it has raised an additional $120 million in Series D financing led by Franklin Templeton, bringing the total round to $210 million. Now valued at roughly $1.3 billion, Stord recently crossed $200 million in annualized revenue run-rate and has raised $325 million in total funding. Participants across the entire Series D financing included 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.
As ongoing supply chain disruptions impact the entire global economy, more companies are increasing investments to improve their logistics operations and technology. Stord helps brands deliver world-class logistics, leveling the playing field for mid-market and enterprise companies to delight their customers with speedy deliveries, better prices and great experiences. Stord plans to use the additional funding to continue expanding its capabilities across logistics and technology, while further building out its industry-leading team.
Today's announcement comes as Stord reports record growth. In the past six months alone, Stord has:
Grown headcount from 400 to over 700, and expects to close 2022 with more than 1,000 employees
Enhanced its e-commerce capabilities and added major brands including Thrasio, Native, Tula, JUDY, Curie, and One Fresh Pillow to its growing customer roster
Expanded partnerships with enterprise customers including Coca-Cola, BODYARMOR, Dollar General, and Niagara Bottling
Increased its warehouse network to more than 1,000 facilities across the U.S.
Expanded its executive ranks, including the promotion of Steve Swan as COO (formerly Amazon); Shyam Sundar as VP of Engineering (formerly Amazon, Zendesk, Mapbox); Sarah Feulner as VP of People (formerly Bumble); Mark Satisky as VP of Corporate Development (formerly NCR); and Mario Paganini as VP of Marketing (formerly Shippo)
Launched an integration with Salesforce to enable Commerce Cloud customers to easily integrate their sales channels, retail partners and logistics with Stord's cloud supply chain software platform
Built deeper order and inventory visibility, system connectivity and business intelligence capabilities into its cloud supply chain software platform
"Supply chains have become the new competitive differentiator for brands. Online consumer expectations, combined with recent supply chain disruptions, labor shortages and logistics issues are forcing companies to reevaluate, prioritize and reinvest in their supply chains," said Sean Henry, co-founder and CEO of Stord. "With Stord, companies never have to worry about their logistics again."
In 2022, e-commerce spending in the U.S. is set to break one trillion dollars for the first time, while B2B online commerce is expected to reach $25.65 trillion by 2028. According to a recent McKinsey report, 90% of supply chain executives expect to overhaul their supply chain planning IT within the next five years.
On a mission to make supply chain a competitive advantage, Stord provides brands with a single, integrated platform unifying freight, fulfillment, warehousing, packaging, and parcel / last mile delivery that offers full visibility and insight across their supply chains. Stord is building additional orchestration and optimization capabilities into its software offering that leading brands use to connect and manage their own supply chains. Additionally, the company is currently piloting an entirely new software product to improve operational efficiency across warehouse facilities, whether first-party, third-party or customer-owned.
"Supply chain infrastructure has yet to evolve to meet today's customer expectations or the complex needs of omnichannel business," said Robert Stevenson, co-director of private investing, Franklin Equity Group at Franklin Templeton. "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."