Boxed announces new funding for expansion of wholesale shopping app
Mobile commerce company Boxed has announced new funding in its seed round, taking its total funding to $1.5 million. The seed round was led by Greycroft Partners, with participation from Bessemer Venture Partners, ENIAC Ventures and Social Starts.
With this funding, the company plans to increase the scale of its Boxed shopping app, which offers a wholesale shopping experience to users on iOS and Android, without the need to sign up for a membership or go to an actual store.
The Boxed app offers over 600 products and ships to users across the continental US with 1-2 day delivery.
“We are excited about the added guidance we’re gaining by partnering with Greycroft, which has a strong record of working with mobile companies,” said Boxed CEO Chieh Huang, in a statement. “The additional funding will allow us to scale further and provide an even more seamless, efficient shopping experience.”
In our interview with Huang last December, Huang told us the team’s goal was to increase the availability of free overnight shipping (free shipping is unlocked with purchases of $75 or more).
“Right now, we can provide free overnight shipping to New York, DC, Los Angeles, Las Vegas, Boston, and Philadelphia. We hit a ton of other places with free, two-day shipping,” Huang told us in the interview. “Ideally we’ll be able to provide our customers in just about every major metropolitan area with free overnight shipping. If you look at how far we’ve come in just a few months, I think it’s not an unrealistic goal.”