Co-Warehousing Operator Saltbox Lands $35M Funding Round, Expands To New Cities
A company that operates a coworking-style business model for distribution centers has raised $35M in a Series B venture capital round.
Atlanta-based flexible co-warehousing operator Saltbox announced the funding Tuesday, led by Cox Enterprises and Pendulum, an advisory platform focused on supporting companies run by minorities, with investments from Colliers, Lincoln Property Co., Fundrise, Flexport, XYZ Capital, Kapor Capital, Wilshire Lane Capital and Playground Capital.
Saltbox operates 10 locations nationwide and has 500 members, 70% of which sell and ship products directly to customers. Saltbox features include monthly memberships that give customers access to warehouse space and shipping services, private phone booths, stocked cafés and weekly community events.
“Supporting small-and medium-sized businesses as they navigate the challenges of their entire logistics stack, from warehousing to shipping and more, has been our main goal since day one,” Saltbox CEO Tyler Scriven said in a statement. “The next step for Saltbox is to advance our logistics and fulfillment technology while also continuing to expand our physical, human-centric spaces for members.”
This year, Saltbox has opened new operations in Alexandria, Virginia; Duarte, California; Carrollton, Texas; Arden Hills, Minnesota; and in the Upper Westside Midtown neighborhood in Atlanta. Saltbox also opened its first-ever fulfillment hub in Columbus, Ohio, according to the release.
The firm expects to open two more locations later this year in Tempe, Arizona, and Doral, Florida, with further expansion into Tampa next year.
Cox Senior Vice President of Strategy Andrew Davis and Pendulum CEO Robbie Robinson were added to Saltbox's board of directors. Since Saltbox’s founding in 2019, the company has raised $56M, including more than $10M in Series A funding last year.
Saltbox has taken inspiration from the office coworking space and brought it to the logistics industry — including learning a lesson from WeWork's fall and largely signing management agreements with landlords of industrial properties. The company is targeting as members the hundreds of thousands of small online retailers, especially those who have difficulties entering into traditional industrial leases.