Boxed, an e-commerce startup that makes it easier to buy in bulk, is doing some bulking of its own: The company just raised $111 million in Series D funding.
This news comes just months after the company made rumor mills fly in startup communities across the nation. Executives reportedly declined a $400 million acquisition offer from Cincinnati-based Kroger and met with Seattle-based Amazon soon after. The startup, which has raised $243 million to date, is also allegedly worth around $600 million.
A lot of people felt our concept would be dead on arrival. Many VCs had been burned by similar concepts back during the tech bubble in the early 2000s."
While there’s a lot of speculation, what we do know is that Boxed is no stranger to bold business decisions. When the “Costco for millennials” company launched in 2013, many were skeptical of how the team would take on an established industry of its size.
“A lot of people felt our concept would be dead on arrival,” CEO Chieh Huang told Built In NYC last year. “Many VCs had been burned by similar concepts back during the tech bubble in the early 2000s.”
But the company quickly proved its worth, and has earned funding from notable investors year after year. In January, it was featured in Built In NYC’s 50 Startups to Watch in 2018.
With this latest investment, the company plans to improve its fulfillment services and open a new center in Chicago.
The round was led by Aeon Co — Japan’s largest retailer — with participation from Alpha Square Group, CDIB Capital, Gabriel Naouri and prior investors.
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