Flexe, a Seattle, Wash.-based online marketplace that connects businesses to warehouse operators, closed a $4.4m seed funding round.
The round was led by Fritz Lanman, Hank Vigil, Second Avenue Partners and SV Angel.
The company, which had previously raised $1.9 million, will use the proceeds to strengthen and expand the capabilities of its on-demand warehousing software platform that powers its marketplace, to accelerate sales and marketing efforts and to further advance initiatives that ensure quality operations and customer service.
Led by Karl Siebrecht, CEO, Francis Duong, Chief Technology Officer and Edmund Yue, Chief Operating Officer, Flexe connects organizations that need warehousing space to organizations with extra space. The company’s platform operates an online marketplace with more than 200 warehouses in over 45 markets across North America.
The technology employs a proprietary algorithm to help buyers find the best warehouse candidates to store their product. Using a combination of buyer requirements and warehouse capacity, capabilities and price, the system allows for transactions to occur immediately rather than over the typical extended period of time it takes to source and negotiate space.
The platform also incorporates a zero-integration, cloud-based pallet tracking system.