Coworking and warehouse space company Saltbox has announced the closing of a $35 million Series B funding round led by Cox Enterprises and Pendulum. This significant investment brings the total funding for Saltbox to $56 million, following a previous raise of $10.6 million in its Series A round.
A Pioneer in Co-Warehousing
Founded in 2019 by Tyler Scriven, Maxwell Bonnie, and Paul D’Arrigo, Saltbox is at the forefront of what it terms "co-warehousing." This innovative concept enables small businesses and e-commerce companies to consolidate shipping, storage, and logistics services under one roof. With over 10 facilities across the country, Saltbox has been making waves in the industry with its no-leasing requirements and integrated logistics services.
Expansion Plans and Software Development
The fresh capital will be used to open at least three new locations in Miami, Minneapolis, and Phoenix by the end of the year. Additionally, Scriven expressed his intention to invest in software development to create a seamless logistics ecosystem for its customers. This focus on software aligns with Saltbox’s mission to empower entrepreneurs through efficient and accessible logistics services.
"We’ve made significant progress in physical infrastructure and service over our first three years," said Scriven. "Now, we’ll increase our focus on software to create a frictionless end-to-end logistics ecosystem that is incredibly accessible and approachable to small businesses."
Addressing Market Challenges
The e-commerce market has been experiencing a slowdown, while the real estate sector is witnessing an uptrend. Scriven emphasized that these changes have highlighted the importance of Saltbox’s services in addressing supply chain and logistics challenges faced by businesses.
"Our customers made it clear to us that Saltbox was essential," Scriven stated. "We’re doubling down on our mission to help small businesses adapt to the ever-changing retail economic landscape."
Support from Industry Leaders
The participation of Cox Enterprises and Pendulum in the funding round is a testament to Saltbox’s growth potential and innovative approach.
"Cox Enterprises is thrilled to support Saltbox in its next phase of expansion," said an executive from Cox. "We believe that their commitment to providing accessible logistics services aligns with our values and investment strategy."
A Problem Worth Solving
Scriven emphasized the importance of ensuring that small businesses have access to efficient and approachable logistics platforms, stating, "When small businesses are threatened, the core of our economy is threatened. This is a problem that must be solved, and it’s not optional to solve the problem."
About Saltbox
Saltbox is a leading provider of coworking and warehouse space solutions for small businesses and e-commerce companies. With its innovative co-warehousing model, Saltbox has disrupted traditional logistics services by offering no-leasing requirements and integrated logistics services.
