New Capital Enables On-Demand Warehousing and Fulfillment Technology Company to Advance its Cloud Software Platform, Expand Network and Accelerate Growth
CULVER CITY, Calif.–(BUSINESS WIRE)–April 16, 2019–
Flowspace, an on-demand warehousing and fulfillment technology company, today announced $12M in Series A funding.
Silicon Valley-based Canvas Ventures led the new round with participation from Moment Ventures, 1984 Ventures and Y Combinator. Founded in 2017, Flowspace had previously raised $3.4M in seed funding.
Flowspace is transforming how businesses manage warehousing and fulfillment, especially for ones that have multi-channel needs. The growth of e-commerce is requiring all businesses to develop new capabilities. Flowspace offers modern cloud-based inventory, order and warehouse management software, a nationwide warehouse network reaching every major U.S. market, and flexible month-to-month pricing to partner with growing businesses. Its solution is setting the new benchmark for customers to store, fulfill and transport products across the U.S.
“Flowspace customers – enterprise, small and mid-size businesses, importers, manufacturers, and e-commerce retailers – rave about its platform and best-in-class service. The company has truly transformed every customer’s approach to warehousing and fulfillment, especially for those who have multi-channel needs,” says Paul Hsiao, General Partner at Canvas Ventures and Flowspace’s newest board member. “I’ve been impressed with the team, their pace of innovation and ability to scale. Flowspace continues to raise customer expectations for the space every day and is well-positioned to lead this category.”
Flowspace’s top executive also sees huge potential for the company moving forward.
“Our vision is to become the fulfillment infrastructure for any company with inventory. We provide a massive warehouse and fulfillment network, real-time visibility into inventory levels, and an easy-to-use software. I am proud of what our team has built and grateful to the hundreds of customers and warehouses who use Flowspace today,” said Flowspace co-founder and CEO Ben Eachus. “We look forward to expanding our footprint, accelerating growth, and increasing investment in our platform.”
Jun-Sheng Li, who was previously SVP Global E-Commerce Supply Chain at Walmart and founder and CEO of Transplace, commented, “Flowspace is embarking on a massive opportunity. Ben’s experience leading warehousing and fulfillment at high-growth e-commerce companies gives him a unique insight into what customers need to do in order to be successful. His team has innovated rapidly and they are well positioned to execute on this vision.”
About Canvas Ventures
Named a “Top VC Firm to Watch” by the 2015 Forbes Midas List, Canvas is an early-stage venture capital firm based in Silicon Valley. Its key investment areas include AI/machine learning, marketplaces, and new enterprise, and its partners have invested in and worked with more than 10 technology start-ups from founding to IPOs – including Mulesoft, Upwork, Boingo, Lending Club and others. Canvas portfolio companies include: 11 Honoré, Casetext, Eden, Eporta, Figure Eight (Appen), Fluxx, Folloze, Functionize, FutureAdvisor (Blackrock), Gabi, Kidbox, Kinetica, Luminar Technologies, Owl Car Cam, Platform9, Roofstock, Thrive Global, Totango, Transfix, Vida Health, Viewics (Roche), and Zola. Visit us at www.canvas.vc.
Flowspace is a next generation logistics company that provides on-demand warehousing and fulfillment services to businesses of all sizes. The company handles the storage, transportation and services of inventory on a month-to-month basis. By using the company’s easy-to-use online cloud platform, Flowspace customers gain immediate access to hundreds of professionally operated warehouses that are strategically located throughout the U.S. More information on the company and its services can be viewed online at: https://www.flow.space