This week FLEXE announced a $14.5M Series A round led by Menlo Park-based Redpoint Ventures. If you haven’t heard of FLEXE don’t feel bad, you probably just haven’t been in need of warehouse space. Founded just three years ago, FLEXE helps find extra space in warehouses for companies looking for warehouse space.
“The goal for Flexe is to help those with unused space earn additional revenue, while enabling businesses to utilize a pay-as-you-go, on-demand model when they need additional warehouse space. This provides an alternative solution to the fixed costs that often come with a lease, particularly for retailers that only need extra storage space for a limited amount of time — perhaps a beverage vendor that sees sales spike in the summer, or a retailer that sells its inventory during the holiday season.” (Source – GeekWire)
There are a number of startups like FLEXE opening in different industries, a great example is PivotDesk which helps startups find office space. Just like companies have extra office space that could be put to good use, many companies also have extra warehouse space that is literally just sitting there.
FLEXE was started by Karl Siebrecht, a seasoned technology leader who was previously the CEO of Seattle-based AdReady. Prior to AdReady Karl was the president of Atlas at aQuantive before it was acquired for a whopping $6B by Microsoft.
Redpoint Ventures is a great partner to have going forward with over $3.7B raised, this Silicon Valley-based VC firm will likely be a part of future rounds and could easily write a Series B check themselves if they really wanted to.
Huge congrats to Karl and team, this is a great example of a seasoned CEO coupled with an all-star VC-firm which means that now the sky really is the limit for FLEXE.