The funding values Material Bank at nearly $1B. Here are the top-line bullets you need to know.
Material Bank, a logistics platform for the architectural and design materials industry, has raised $100M in a Series C. The round drew participation from General Catalyst, Durable Capital Partners, and Bond, among others.
HOW’S THE COMPANY PERFORMING?
- New York-based Material Bank is a logistics marketplace aggregator for architectural materials. The platform offers a large selection of brands and overnight delivery to customers across the US.
- Material Bank has built a 380,000 square foot logistics facility in Memphis, Tenn., to enable next-day delivery. The facility uses 150 autonomous robots from Locus Robotics to serve thousands of sample requests and ship them overnight.
- The company has 400 brands, including Mohawk and Sherwin-Williams, on its platform and over 65,000 members performing 700,000 material searches in one month.
- Material Bank tripled its revenue in 2020, with sales expected to exceed $50M in 2021.
Source: Material Bank
WHY DOES THE MARKET MATTER?
- The global e-commerce market is projected to grow at a CAGR of 14.7% and reach a value of $27.15T by 2027, according to Grand View research.
- The Covid-19 pandemic has caused many small-scale businesses and consumers to move online. The market for online orders has grown by 54% in the US, per Emarsys and GoodData.