We’re growing! Saltbox, the flexible co-warehousing and small business logistics pioneer, recently announced the closing of a $35 million Series B funding round. This latest development comes a little over a year after closing a $10.6 million Series A. The total company funding has officially reached $56 million.
Atlanta-based and family-owned Cox Enterprises, a leader in the broadband automotive and media industries, co-led the financing. Pendulum, a strategic growth investing and advisory platform designed for founders and leaders of color, co-led the financing efforts as well. Existing venture capital company Playground Global participated in addition to new and existing investors such as XYZ Capital, Fundrise, Kapor Capital, Wilshire Lane Capital, Colliers, Lincoln Property Company, Flexport and Overline, among others.
Saltbox, founded in 2019 by Tyler Scriven, Maxwell Bonnie and Paul D’Arrigo, is a leader in fulfillment logistics and co-warehousing for small to medium-sized businesses across the United States. With more than 10 facilities around the U.S., Saltbox allows small businesses and ecommerce outfits to store and ship goods, all under one roof. Offering integrated logistics services, community workspaces, and fulfillment solutions, Saltbox offers a flexible model that allows business owners to build their own experience.
Saltbox plans to use the Series B investment capital to open at least three more locations, with two of those planning to launch by the end of the year. The latest locations will be in Miami and Phoenix. Saltbox also wants to invest in software to create an even more seamless logistics ecosystem across all locations, enhancing the already fantastic fulfillment experience for business owners nationwide.
“We’ve made a lot of progress over our first three years in terms of building physical infrastructure and delivering excellent service, and now we’re going to increase our focus on the software side,” says CEO, Tyler Scriven. “Our goal is to create a frictionless end-to-end logistics ecosystem that is incredibly accessible and approachable.”
Amid supply chain and logistics challenges within the ecommerce market, the need for Saltbox spaces has become increasingly apparent. “Our customers made it clear to us that Saltbox is essential to their business growth,” Scriven said, adding that the company hopes to educate and tap into the rising crop of digital entrepreneurs, helping them create an ordered flow of logistics.
Robbie Robinson, CEO and co-founder of Pendulum, also newly named to Saltbox’s Board of Directors, says, “The Saltbox team have managed to tap a strategic and unique opportunity that sits at the intersection of community and shared services in warehousing, inventory management, and fulfillment.”
Robinson explains that the success of Saltbox is evident in the company’s growth, and its ongoing expansion across geographies. “It speaks to a high demand for this differentiated bundling of services,“ Robinson says. “I am excited to join Saltbox’s board of directors and continue Pendulum’s partnership with the team as they establish an infrastructure that supports emerging and fast-growing small to medium businesses that power our economy.”
Of Saltbox’s more than 500 Members across its ten co-warehousing locations, more than 70 percent are ecommerce companies that sell physical goods directly to consumers. These SMBs span numerous industries including fashion and apparel, health and beauty, home goods, resale, and tech in the hardware and services sectors. Half of Saltbox Member businesses are led by women or people of color.
“Supporting small-and medium-sized businesses as they navigate the challenges of their entire logistics stack, from warehousing, to shipping and more has been our main goal since day one,” says Scriven. “Thanks to the support of Cox, Pendulum and our other investors in this pivotal Series B round, Saltbox will continue to disrupt the logistics and fulfillment space by further investing into our unique offerings, whether that be our workspace, fulfillment, or on-demand labor solutions.”
Saltbox solves the hardest parts of running an ecommerce business with human-centric logistic solutions. With a purpose-built network of flexible warehouses in major metropolitan areas, fulfillment centers and on-site services across the country, Saltbox addresses the most critical challenges ecommerce entrepreneurs face when starting, growing, and scaling their businesses. Over 500 Members run their business on the Saltbox platform. For more information, please visit us at www.saltbox.com, watch this video on YouTube, or follow us on Instagram, Facebook, and Twitter.
About Cox Enterprises:
Cox Enterprises is dedicated to empowering people to build a better future for the next generation. Cox is a leader in the broadband, automotive and media industries, while strategically investing in emerging technologies driving the future of cleantech, health care, and public sector services. Its major operating subsidiaries are Cox Communications and Cox Automotive, which includes brands like Autotrader and Kelley Blue Book. Headquartered in Atlanta, Georgia, Cox is a global company with $20 billion in annual revenues and a proud 125-year history. To learn more about Cox and its commitment to its people, planet and communities, visit coxenterprises.com.
Pendulum is a strategic investment and advisory platform. Founded in 2019 by D'Rita and Robbie Robinson, Pendulum reimagines how great companies and brands are built–and who gets to build them. Through its investment arm, Pendulum Opportunities, and strategic advising arm, Pendulum Partners, the firm seeks to accelerate opportunity and value creation for founders and leaders of color. Pendulum Opportunities invests in momentum building businesses meeting the evolving expectations of a values-driven consumer. For more information, visit pendulumholdings.com.