Flexe is raising more capital ahead of schedule as the pandemic-driven e-commerce boom spurs faster-than-expected growth for its warehousing technology platform.
The Seattle startup announced a $70 million Series C round led by new investor T. Rowe Price, with participation from existing backers Activate Capital, Tiger Global, Madrona Venture Group, Redpoint Ventures, Prologis Ventures, and others. Total funding to date in the 6-year-old company is $134 million.
Flexe originally planned to raise another round sometime next year. But investors were ready to put more fuel into the business given its recent metrics.
“Flexe is poised to become an impactful company in the logistics industry for the long term,” Andrew Davis, director of private investments at T. Rowe Price, said in a statement. T. Rowe Price recently led a $2.5 billion round in electric car maker Rivian and was an early backer of Facebook, Twitter,