Boxed picks up $6.5 mln

Boxed said Tuesday that it has received $6.5 million in Series A funding. Greycroft Partners, First Round Capital and Signia Venture Partners led the round with participation from ENIAC Ventures, Social Starts, BoxGroup, former Facebook COO Owen Van Natta and former Zynga COO David Ko. Boxed is a mobile commerce firm that provides discounts for warehouse club shopping.

PRESS RELEASE

NEW YORK – May 13, 2014 – Boxed, a mobile commerce company that provides the discounts of warehouse club shopping with fast, affordable delivery, has raised $6.5 million in Series A funding. Built by mobile industry veterans, Boxed is the first company to make ordering big box products simple, affordable, and hassle-free from a phone or tablet. Return investor Greycroft Partners and new investors First Round Capital and Signia Venture Partners led the round, with participation from ENIAC Ventures, Social Starts, BoxGroup, Owen Van Natta (former Facebook COO), and David Ko (Former Zynga COO).
Boxed offers customers name-brand, warehouse club products with no membership fees and expedited shipping – even for the heavy stuff – to every corner of the contiguous 48 states. With over 800 products available, Boxed is a convenient alternative to brick-and-mortar big box clubs. The Boxed app lets customers shop name-brand staples while discovering new, wholesale-sized organic and eco-friendly products not typically available in physical warehouse stores. Its own proprietary back-end software has enabled Boxed to optimize customers’ shopping experience, from purchase to fulfillment to delivery.
“The Boxed team are experts in sophisticated mobile design and have created one of the best mobile shopping experiences we have ever seen,” said Kamran Ansari of Greycroft Partners, who will be joining Boxed’s board of directors. “Unlike all the new local delivery services, they’ve built a fulfillment network to reliably satisfy the demand of not only city-dwellers, but folks across the country, in most cases without delivery fees, tips, or surcharges. Perhaps most importantly, Boxed is the only digital destination where customers can buy a wide selection of brand-name, bulk goods at discount prices, swiftly and without membership fees, while eliminating the time, effort, and gas money customers expend visiting offline warehouse clubs for their regular household purchases.”
“The incredible adoption of Boxed in communities across America since our launch last August has been inspiring. Our customers have discovered that you don’t need to pay a $99 membership fee for 2-day shipping or to access warehouse club savings,” said Boxed CEO and founder Chieh Huang. “This new round of funding will allow us to deliver goods even faster to customers across the country.”
Boxed is free to download for both iOS and Android devices, and ships to all 48 contiguous states – with free shipping on most orders.
About Boxed
Boxed is a mobile-commerce company that offers the discounts of warehouse club shopping with the convenience of doorstep delivery. Created by a team of mobile industry veterans, Boxed is dedicated to providing its customers with an accessible, hassle-free way to access warehouse club savings. With no annual membership fees and 1-2 day delivery, Boxed makes warehouse club shopping convenient. For more information, visit http://www.boxed.com.
About Greycroft Partners
Greycroft Partners is a leading early stage venture capital firm focused on investments in the technology space. With offices in the two media capitals of the world – New York and Los Angeles – Greycroft is uniquely positioned to serve entrepreneurs who have chosen us as their partners. Greycroft leverages an extensive network of media and technology industry connections to help entrepreneurs gain visibility, build strategic relationships, successfully bring their products to market, and build successful businesses. Greycroft manages $400MM and has made over 90 investments in leading companies including Babble, Braintree, Buddy Media, Collective, Huffington Post, Klout, M5 Networks, Maker Studios, Paid Content, Pulse, and Trunk Club. For more information please visit the Greycroft Partners website at http://www.greycroft.com.

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