Logistics startup Stord raised a $65 million Series C round, bringing its total capital raised over the last six months to $100 million.
Bond, a San Francisco technology investment firm with a portfolio that includes Slack, DoorDash and Airbnb, led the round. Lineage Logistics, Salesforce Ventures and existing investors also participated, according to a March 31 announcement.
Stord CEO Sean Henry saw Bond as one that could help Stord continue to accelerate its growth and reach.
“Everything we see and touch as consumers is moving through the supply chain,” Henry said. “It’s one of the most fundamental industries for how the world transacts. When we look at the market opportunity, we have such a wide opportunity and so much growth in front of us.”
Stord has a cloud-based supply chain management software and a logistics network to help companies deliver products more efficiently. Its logistic network has more than 500 warehouses and over 20,000 carriers, covering about 99% of the U.S. for two-day shipping.
Now, the company is looking to expand its management capabilities to include manufacturers and purchase orders and continue expanding its logistics infrastructure throughout the U.S. and Canada. Stord also plans to have 250 employees by the end of the year. Right now, Stord has 160. This time last year, it was 40.
Overall revenue grew about 500% in 2020. Customers include brands such as Tyson Foods, Schneider Electric and Dollar General.
In May 2020, Stord acquired Cove Logistics, which allowed Stord’s expansion into freight services.
“It enabled us to do the shipping in and out of the warehouses in our network and take over further network optimization,” Henry said.
By December, Stord had raised its $31 million Series B round, led by Founders Fund, another San Francisco investment firm giant, clocking one of the highest raises in the Atlanta startup ecosystem for the year.
The startup came out of Georgia Tech’s CREATE-X program in 2015 and reflects a larger trend of Atlanta innovation. As the city’s reputation as an East Coast tech hub grows, the ecosystem is seeing more investment activity and an increase in local capital to support homegrown startups.