Total amount raised
$365.9 Million
Latest funding date
12/01/2021
Location
Boxed has raised funding over six rounds, with the latest being a Post-IPO Equity round. The company is backed by 44 investors, including Brigade Capital Management and Onex Credit.
Keep reading to explore the intricacies of Boxed's fundraising journey and the investors backing this innovative platform.
What Is Boxed?
Boxed is an online bulk grocery retailer based in New York, New York. The company offers a wholesale club experience for modern shoppers, providing a wide range of products in bulk without requiring a membership.
Founded by a team whose names are not publicly disclosed, Boxed has grown to employ between 101 and 250 people. The company has been acquired by MSG Distributors and continues to innovate in the e-commerce and mobile shopping sectors.
How Much Funding Has Boxed Raised?
- Seed Round
- Amount Raised: USD 1,100,000
- Date: August 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop the initial platform.
- Series A
- Amount Raised: USD 6,500,000
- Date: May 2014
- Lead Investors: Greycroft
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the product range and scale the business.
- Series B
- Amount Raised: USD 25,000,000
- Date: January 2015
- Lead Investors: DST Global, Eniac Ventures, Notable Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance logistics and expand market reach.
- Series C
- Amount Raised: USD 102,253,889
- Date: January 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in technology and improve customer experience.
- Series D
- Amount Raised: USD 111,000,000
- Date: August 2018
- Lead Investors: AEON RETAIL
- Valuation at Round: USD 600,000,000
- Motivation Behind the Round: To capitalize on industry changes and expand its national footprint.
- Post-IPO Equity
- Amount Raised: USD 120,000,000
- Date: December 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and enhance operational capabilities.
Boxed has raised a total of USD 365,853,889. The current valuation is USD 600,000,000.
Key Investors
- Brigade Capital Management
- Details: Brigade Capital Management is a global investment management firm specializing in credit investment strategies. They participated in Boxed's Post-IPO Equity funding round.
- Investment Focus Areas: Distressed debt, high-yield bonds, credit opportunities.
- Notable Investments: Not publicly disclosed.
- Onex Credit
- Details: Onex Credit is a division of Onex Corporation, focusing on credit investments. They were involved in Boxed's Post-IPO Equity funding round.
- Investment Focus Areas: Leveraged loans, high-yield bonds, structured credit.
- Notable Investments: Not publicly disclosed.
- AEON RETAIL
- Details: AEON RETAIL is Japan's largest retailer by sales, leading Boxed's Series D funding round. They have a strategic partnership with Boxed for knowledge sharing in logistics and AI.
- Investment Focus Areas: Retail, logistics.
- Notable Investments: Primarily focused on retail operations in Japan.
- Greycroft
- Details: Greycroft is a venture capital firm that led Boxed's Series A funding round. They invest in early and growth-stage companies.
- Investment Focus Areas: Technology, media, consumer sectors.
- Notable Investments: Venmo, The RealReal, Scopely.
- DST Global
- Details: DST Global is a global investment firm that participated in Boxed's Series B funding round. They focus on late-stage internet companies.
- Investment Focus Areas: Technology, internet companies.
- Notable Investments: Facebook, Twitter, Alibaba.
What's Next for Boxed?
Boxed stands at the cusp of significant growth opportunities, driven by its strategic partnership with Aeon. Leveraging Aeon's expertise in logistics, robotics, and AI, Boxed aims to expand its national footprint and enhance brand awareness. The bulk grocery market presents a substantial opportunity, with the average US household spending nearly $170 per week on groceries.
Future fundraising efforts are likely as Boxed continues to develop its technology and market presence. The company has plans to go public, which could attract further investment. However, challenges remain, including competition from giants like Amazon and Costco, and the complexities of scaling operations while maintaining service quality.
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