Culver City-based Flowspace Inc., a technology company that helps connect businesses with available warehouse space and fulfillment services, announced April 16 it raised $12 million in Series A funding.
The two-year-old company, which recently relocated from Orange County to L.A., will use the money to develop their warehousing management technology and make more hires in sales, marketing and software development.
“We are going to continue to invest in the technology platform that will help merchants more efficiently manage their inventory and shipments to their customers,” co-founder Ben Eachus said.
The company said hundreds of warehouses are using its technology, which helps match available warehouse space to companies that need it—similar to AirBnB Inc.’s model. Flowspace warehouse users are mostly in or near major population centers, where customers can have their inventory sorted and distributed.
The company sees its growth tied to e-commerce, as merchants look for warehouses closer to the customer base. Flowspace targets small and medium-sized manufacturers, working with logistics companies to provide on-demand warehouse services and month-to-month leases.
Silicon Valley-based Canvas Ventures led the funding round.
Manufacturing, retail and trade reporter Rachel Uranga can be reached at email@example.com or (323) 549-5225 ext. 251. Follow her on Twitter @racheluranga
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