Material Bank, a NYC-based technology and logistics company focused on the architecture and design materials industry, raised $28m in Series B funding.
The round, which brought total funding raised to date to $55m, was led by Bain Capital Ventures with participation from existing investors such as Raine Ventures and Barry Sternlicht, co-founder, chairman and CEO of Starwood Capital Group. Merritt Hummer, partner at Bain Capital Ventures, and Jeff Sine, co-founder and partner at The Raine Group, will join Material Bank’s Board of Directors.
The company will use the funding to accelerate expansion into new categories, build a new robotic logistics facility to support increased demand, and further develop its SaaS platform.
Led by founder and CEO Adam I. Sandow, Material Bank is a material marketplace which aims to simplify the process of material search and sampling by enabling architects, designers, and corporate buyers to search hundreds of thousands of materials such as paint, flooring, and textiles across hundreds of vendors. Its database is combined with its propriety robotic distribution facility to allow users to order samples until midnight (ET) to be delivered free of charge anywhere in the US, in one box, by 10:30 AM the next morning.
The company has over 35,000 approved members who use the platform to source billions of dollars of materials for more than 75,000 construction and design projects.