• Boxed

  Participated · Equity · Jan 2016

  Boxed operates an e-commerce retail service that supplies bulk pantry consumables to businesses and household customers without a big-box membership requirement. The company also runs a Software & Services business that offers enterprise-level e-commerce platform access to customers worldwide. Its offering is powered by the company’s purpose-built storefront, marketplace, analytics, fulfillment, advertising, and robotics technologies. Boxed said the new financing will provide flexibility to drive customer acquisition, expand product assortment, and enhance loyalty programs. The company announced a definitive agreement with Seven Oaks Acquisition Corp. on June 13, 2021 to combine and become a public company, with an intended NYSE listing expected in the fourth quarter of 2021. The combined company will be called Boxed, Inc., with expected ticker symbols "BOXD" and "BOXD WS". Boxed operates an online-only storefront focused on bulk-sized groceries for consumers and families. The company writes its own software, runs its own fulfillment centers, and builds in-house automation robotics. Boxed says it will ramp up automation of facilities and expand its national footprint, including growth in Chicago. As part of the new round, it will share logistics, robotics and AI know-how with Aeon to help both companies improve digital and fulfillment processes. Boxed competes with large players such as Costco, Amazon and Target for bargain-seeking shoppers. The company has raised $243M to date and reportedly turned down a Kroger offer in the $400M–$500M range; the NYT has reported a $600M valuation, which Boxed did not disclose. Boxed Wholesale is an e-commerce startup that sells bulk, Costco-sized groceries and household goods online and via mobile without a membership fee. Customers get free shipping on orders over $50 and deliveries arrive within three days; examples include a 24-pack of Pringles and a 30-pack of Charmin. The New York–based company was founded in 2013 and has drawn attention for an employee benefit that offers free college tuition for workers' children. Boxed said its simple offering has resonated with a younger audience who are not typical Costco shoppers. Management plans to use the new capital to expand the team, broaden offerings, and bolster customer service operations. The company previously raised roughly $36 million and has grown its tuition program uptake among employees from one participant in year one to six planning to enroll. Boxed offers a membership-free wholesale club experience through a curated mobile app, allowing consumers and small businesses to purchase bulk-sized goods without visiting brick-and-mortar stores. Launched in mid-2013, the company’s iPhone and Android apps feature a curated assortment of everyday staples, organic and eco-friendly products, and a discovery-based shopping design. Boxed delivers a wide array of wholesale items across the continental United States in two days or less. The company says the new capital will be used to further enhance its service, selection, infrastructure and distribution. Parents magazine named Boxed one of 2014’s "70 Best Apps for Families," and management frames the opportunity around rapidly growing mobile commerce and building a mobile-first customer base. Boxed is a mobile commerce app that lets customers buy wholesale goods and have them shipped to their doors. It provides access to warehouse-style deals without annual membership fees and offers expedited two-day shipping to anywhere in the contiguous 48 U.S. states. The company operates two main warehouses — one on the east coast and one on the west coast — each stocking about 800 items. Boxed relies heavily on an in-app discovery mechanism; roughly 80% of items added to users' carts come from discovery rather than search. Launched last summer, the app has seen about 100% month-over-month growth with relatively little marketing. The new funding is intended to help the company accelerate that growth.

No current team members are available.