Logistics software startup Stord raised a $31 million Series B round to improve its cloud supply chain network and hire more staff.
San Fransisco-based Founders Fund led the round, with participation by Kleiner Perkins, Susa Ventures and Dynamo, according to the Dec. 2 announcement. It brings Stord’s total investments to $46 million, CEO Sean Henry said.
Stord has a cloud software system that allows companies to manage and monitor their shipments and inventory domestically. Henry, a Georgia Institute of Technology graduate, founded the company in late 2015 on the idea of a need for cloud software that allowed brands to more easily manage logistics in order to provide a better customer experience.
“Our premise is really to exist to offer the same level of Amazon-level logistics for all brands of any size,” said Henry, who noted the company works with more than 10 Fortune 500 brands as well as various startups.
Henry said the company’s main goal with the funding round is to innovate its end-to-end cloud supply chain to make shipments as fast as possible for clients. Stord also plans to hire 50 mostly Atlanta-based employees to add to their team of 135.
Clients can use Stord’s software to manage the logistics of the existing supply chain network infrastructure or use its software to manage in-house inventory and shipping. Henry said the company has seen its revenue grow 900% specifically related to the Stord software.
The company increased its shipping volume by 15,000% this year and its revenue has grown overall by 500%, Henry said.
Stord aims to be a flexible cloud software to help companies manage the supply chain, which was disrupted by the COVID-19 pandemic, Henry said.
“The pandemic opened a massive opportunity in the market,” Henry said. “Customers already recognized the need for Stord, but it really forced them to migrate those supply chain networks to a more cloud-based approach much sooner because of the disruption and how fast their customer demand patterns changed.”
Stord raised $12.4 million last year in its Series A round, and Henry said he doesn’t currently have another fundraising round planned.
