Boxed receives $6.5 million from Greycroft, First Round, and Signia
Boxed is a mobile commerce startup that has raised $6.5 million in a Series A round of funding from Greycroft Partners, First Round Capital, Signia Venture Partners, ENIAC Ventures, Social Starts, Box Group, former Facebook COO Owen Van Natta and former Zynga COO David Ko.
Boxed gives users access to the same types of wholesale deals that are offered by warehouse retailers like Costco and Sam’s Club without having to worry about annual membership fees or having to drive to these places. Boxed also offers two-day shipping of wholesale goods anywhere in the 48 contiguous states in the U.S. Boxed is able to offer a wide variety of goods without having to carry everything.
Boxed can offer a wide variety of products without having to carry everything. The company has two main warehouses — one on the east coast and one on the west coast. Each of these warehouses can carry 800 types of products. Boxed found that it can cover most of its customers’ needs in these warehouses even though it is not much space compared to brick-and-mortar rivals. Around 80% of items added to online shopping carts do not come from search, but are from the app’s discovery mechanisms. The company is seeing around 100% month-over-month growth.
[Source]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry