Businesses everywhere are working to achieve rapid growth by capitalizing on today’s booming e-commerce industry. Companies are shipping more products and materials than ever before to places across the globe, but doing so has led to more frequent complications along the supply chain. Stord developed a cloud-based platform to help companies stay ahead of the logistics game, and it just announced a hefty Series D sum to build out its solution.
“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,” Sean Henry, co-founder and CEO of Stord, said in a statement. “With Stord, companies never have to worry about their logistics again.”
Stord offers a centralized platform to help brands unify their needs across freight, fulfillment, warehousing, packaging as well as parcel and last-mile delivery. The solution offers enterprise clients visibility and insights across their supply chains and helps them connect and manage their systems. On top of these tools, the company is building out new platform features with its latest injection of capital.
Led by Franklin Templeton, the $120 million Series D raise for Stord brings its venture funding total to $325 million to date. Other participants in this Series D round included Sozo Ventures, Strike Capital and Kleiner Perkins. Stord is now valued at $1.3 billion.
The company’s raise follows a period of significant growth. Over the past six months, Stord has grown its internal team from 400 to more than 700 people, expanded its warehouse network to more than 1,000 facilities across the country, launched an integration with Salesforce to bolster its Commerce Cloud solution and enhanced the capabilities of its cloud supply chain software platform.
Keeping up its recent momentum, Stord is advancing its solution even further. While it plans to put a portion of its latest round toward expanding its logistics and technology capabilities, the company is currently piloting a new software product to help improve operational efficiency across warehouse facilities, whether they’re first-party, third-party or customer-owned.
The bulk of Stord’s latest raise will be dedicated to expanding its team. The company currently lists a range of Atlanta-based roles spanning teams like engineering, product, freight and business operations. It plans to achieve a headcount of over 1,000 by the end of this year.