NEW YORK--(BUSINESS WIRE)--Boxed, the wholesale club experience for modern shoppers, today announced it has completed its $25m Series B funding round. With the new capital, Boxed will further revolutionize big box warehouse shopping by delivering bulk-sized goods direct to the consumer and without a membership fee. GGV Capital and Digital Sky Technologies (DST) led the financing with participation from Founders Fund, AME Cloud Ventures, Vaizra Investments, and early investors First Round Capital, Greycroft Partners and Signia Venture Partners. Jeff Richards, Managing Partner, GGV Capital will join the Board of Directors as part of the financing.
Launched in mid-2013, Boxed provides the convenience of shopping a carefully selected assortment of club packs to consumers and small businesses alike. The app allows anyone without the time or patience to visit a brick and mortar store with the ability to enjoy significant savings on their favorite items, while discovering hundreds of new brands.
Boxed features a full assortment of every day staples, organic and eco-friendly offerings, and the new investment will further enhance the company’s service, selection, infrastructure and distribution. In 2014, Parents magazine recognized Boxed as one of 2014’s “70 Best Apps for Families.”
“From discovering new products, to delivery time, to the savings and service our customers enjoy, we’re building one of the best end-to-end mobile commerce experiences available today,” said CEO, Chieh Huang. “Our investors share in our vision of transforming mobile commerce for a younger demographic that most retailers haven’t been able to reach.”
"Mobile commerce is growing exponentially faster than Internet commerce did, powered by more than 1.5 billion smartphone users worldwide," said Jeff Richards, Managing Partner at GGV Capital. "The team at Boxed is an experienced entrepreneurial team with a very big opportunity to build a mobile-first customer base around the $500 billion global wholesale category. GGV, DST and the existing investors are thrilled to help the team take the next step in pursuing that vision."
Founded in 2013, Boxed has taken the best elements of the wholesale shopping experience and folded it into one innovative, cutting edge mobile app that allows consumers direct-to-their-door access to all of their favorite warehouse club products, without membership fees. Boxed brings convenience and savings to on-the-go consumers who don’t have the time, means or patience to shop at a brick and mortar big box club. The elegantly designed iPhone and Android app offers bulk-sized goods at pint-sized prices, and is completely free to download and use.
Boxed does all the heavy lifting, delivering a rich array of wholesale items directly to doorsteps across the continental United States in two days or less. The brand’s innovative discovery-based design recreates the fun of the treasure hunt experience with a curated selection of everyday essentials that consumers love including household staples, health and beauty supplies, office pantry items, groceries and a wide variety of organic and green products.
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About GGV Capital
GGV Capital is a venture capital firm based in Silicon Valley and China that has been successfully partnering with leading technology entrepreneurs since 2000. The firm was founded with the unique idea to have one team investing in both China and the US - the two largest economies in the world. With $2.2 billion under management across 5 funds, the GGV portfolio includes Alibaba, AlienVault, BlueKai, Boxed, Buddy Media, Chukong Technologies, Curse, Didi Taxi, Domo, Douguo, DraftKings, Endeca, EHANG, FlightCar, Flipboard, GrabTaxi, Glu Mobile, HiWiFi, HotelTonight, Houzz, Kingsoft WPS, Light Chaser Animation, Meilishuo, MediaV, Misfit, Nimble Storage, Pactera, Pandora Media, Percolate, Quixey, Qunar, SoundCloud, Square, SuccessFactors, Tile, Tujia, UCWeb, Wish, Youku Tudou, YY, Zendesk, and Zepp Labs. For more information, visit www.ggvc.com and follow GGV Capital on Twitter: @GGVCapital and WeChat: GGVCapital.