Boxed, a NYC-based company that delivers bulk-sized groceries, raised $111m in Series D funding.
The round was led by Aeon Co. Ltd, a Japanese large grocery retailer, with participation from the Alpha Square Group, CDIB Capital, consumer technology investor Gabriel Naouri and existing investors. With the deal, Boxed will knowledge-share with Aeon on logistics, robotics, AI-driven data usage and accelerate Aeon’s digital transformation. The two companies will also explore further collaboration on technology and business models.
The company intends to use the new capital to continue to ramp up automation of facilities with hardware developed by its in-house robotics team, and explore future expansion of its operations around the country, including in the Chicago area, where execs have begun visiting potential new sites for a midwest-based facility.
Led by Chieh Huang, co-founder and Chief Executive Officer, Boxed provides a mobile app that allows consumers direct-to-their-door access to all of their favorite warehouse club products, without membership fees. The brand’s discovery-based design combines the treasure hunt experience with a curated selection of everyday essentials, including household staples, health and beauty supplies, office pantry items, groceries and a wide variety of organic and green products. A technology company at its core, the company has recently created its own fleet of autonomously guided vehicles in its fulfillment centers, which are powered by software developed by its team of engineers.