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ATLANTA, Nov. 29, 2022 /PRNewswire/ -- Saltbox, Inc., the flexible co-warehousing and small business logistics pioneer, today announced a $35 million Series B funding round. The investment was co-led by Atlanta-based and family-owned Cox Enterprises Inc; a leader in the broadband, automotive and media industries, and Pendulum; a strategic growth investing and advisory platform designed for founders and leaders of color and previous investor in Saltbox. This Series B round brings Saltbox's total funding to $56 million. The round also included investment from Playground Global, XYZ Capital, Fundrise, Kapor Capital, Wilshire Lane Capital, Colliers, Lincoln Property Company, Flexport and Overline among others. Funding will support developing Saltbox's core technology stack powering its end-to-end logistics platform for small and growing ecommerce businesses.
"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. The next step for Saltbox is to advance our logistics and fulfillment technology while also continuing to expand our physical, human-centric spaces for members," said Saltbox CEO and Co-Founder Tyler 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."
Alongside the investment, Saltbox also announces the addition of both Andrew Davis, Senior Vice President of Strategy for Cox Enterprises, and Robbie Robinson, CEO and Co-Founder of Pendulum, to its Board of Directors.
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"At Cox, we put focus on supporting our communities and the organizations that help them thrive," said Evelyn Bolden, Senior Director of Strategy and Investments for Cox Enterprises. "With its mission to power the next generation of entrepreneurs to launch, grow and scale, Saltbox is a great partner to help continue Cox's mission to contribute to the economic well-being of an increased number of businesses and their employees. Saltbox is committed to helping ecommerce owners get the most out of their business in a community-focused workspace."
"Tyler and the Saltbox team have tapped into a strategic and unique opportunity at the intersection of community and shared services in warehousing, inventory management and fulfillment. This is evident in the company's growth, and its ongoing expansion across geographies speaks to the high demand for this differentiated bundling of services," says Robbie Robinson, CEO and Co-Founder of Pendulum. "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."
In 2022, Saltbox more than doubled its growth, expanding its flexible warehouse network to ten locations, including new co-warehousing locations in Alexandria, Virginia; Duarte, California; Carrollton, Texas; Arden Hills, Minnesota; and a second location in Atlanta's Upper Westside neighborhood to support its flagship facility. The company also opened its first-ever fulfillment hub in Dublin, Ohio – a strategic location in the Columbus, Ohio market that allows members to reach 67% of the total U.S. population via 2-day shipping.
This momentum follows a successful 2021, in which Saltbox expanded its footprint into the Los Angeles area in Torrance, as well as Denver, Dallas-Fort Worth, and Seattle. It also launched fulfillment offerings tailored to SMBs. Saltbox closed its Series A round of $10.6 million in March 2021.
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Later this year, Saltbox plans to open locations in two new cities: Tempe, Arizona and Doral, Florida, with additional plans to open a second Florida location early next year in Tampa, Florida.
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.
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 Inc.
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.
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