Supply logistics firm Stord secures $120 million in Series D funding
Cloud supply chain warehousing and logistics firm Stord has announced that it has raised $120 million in series D financing, bringing the total funding to $210 million in capital. The latest funding was led by Franklin Templeton and included participation from new investors like Sozo Ventures, Strike Capital and 137 Ventures. Existing investors include Kleiner Perkins, Founders Fund, BOND, Susa Ventures, Dynamo Ventures, Lux Capital and Salesforce Ventures.
Robert Stevenson, Co-Director, Franklin Equity Group at Franklin Templeton said, “Supply chain infrastructure has yet to evolve to meet today’s customer expectations or the complex needs of omnichannel business,” said. “The many supply chain challenges of the past few years have exacerbated this situation, exposing the fragmentation and rigidity of traditional supply chains. Stord connects physical supply chain infrastructure and services with cloud software and opens up the power of world-class logistics as a scalable plug-and-play utility for growing brands.”
With the latest funding, the firm’s valuation is at $1.3 billion. they had last secured a funding in September 2021, amounting to $90 million.
Sean Henry, co-founder and CEO,Stord said, “Supply chains have become the new competitive differentiator for brands. Online consumer expectations, combined with recent supply chain disruptions, labor shortages and logistics issues are forcing companies to reevaluate, prioritize and reinvest in their supply chains. With Stord, companies never have to worry about their logistics again.”
Stord would be utilizing the the funding to expand their operations and hire more globally. In the past six months, Stord has grown its headcount from 400 to over 700 and expects to finish 2022 with more than 1,000 employees.
The executive ranks have also been bolstered as well with veteran talent from some of the world’s leading companies, including Steve Swan, formerly of Amazon, a COO; Shyam Sundar, formerly of Amazon, Zendesk and Mapbox, as vice president of engineering; Sarah Feulner, formerly of Bumble, as vice president of people; Mark Satisky, formerly of NCR, as vice president of corporate development; and Mario Paganini, formerly of Shippo, as vice president of marketing.