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#News(Startup) [ via IoTGroup ]
Stord’s Sean Henry (left) and Jacob Boudreau: Founders Fund offered to invest even before they kicked off their planned fundraise this fall. Sean Henry 24 and Jacob Boudreau 22 founded flexible warehousing startup Stord while in college at Georgia Tech in 2015. Today Atlanta-based Stord hit a new milestone: With shipping surging in advance of the holidays and customers expectations for lightning fast delivery at a fevered pitch the company raised $31 million led by Peter Thiel’s Founders Fund Henry told Forbes. Henry now says he hopes to join the ranks of Under 30 founders with companies on Forbes’ Next Billion-Dollar Startups list. Founders Fund partner Trae Stephens who led the recent investment figures that over the long term as companies realize how critical supply chain is to their operations Stord could build a multi-billion-dollar business in a vast market. Rather than owning warehouses as industry giant Prologis does Atlanta-based Stord uses software to connect businesses in need of storage and distribution to independent warehouses with excess capacity. “Covid has created a dynamic where people who used to go to the store are buying online and they want their products faster and faster ” says Jeff Raider cofounder of Harry’s and Warby Parker who invested in Stord’s latest round through Good Friends fund. “We’re trying to give them Amazon-level logistics for all ” Henry says. “Jake and I had to grow a lot as leaders as we’ve scaled the business ” says Stord CEO Sean Henry (right) photographed with cofounder Jacob Boudreau. Henry says that the company is now moving close to $10 billion worth of product across the country and has developed a cloud-based software platform that connects a network of more than 500 warehouses and over 20 000 carriers. “Supply chain is becoming really complex and needs a unified operating system ” says Ilya Fushman a partner at Kleiner Perkins which is an investor in Stord. Stord’s Sean Henry first got the idea for the company as
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AutoTextExtraction by Working BoT using SmartNews 1.03976805238 Build 04 April 2020
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