US warehouse management platform Fulfilld has raised $2.5m in an oversubscribed seed funding round as it addresses a “genuine gap” in logistics.
Led by TenOneTen Ventures and Pi Labs, the “management orchestration” software’s seed round attracted investment from several notable investors, including Jeff Wilke, former CEO of Amazon’s worldwide consumer business and seed stage venture fund Matchstick.
Fulfilld in a nutshell
What it does | Makes warehouse operations more efficient by directing tasks between humans and robots
Aim | Increase operational efficiency by 15-20%
Why? | The growth of e-commerce is driving an expansion in warehouse operations, increasing the importance of operational efficiency for businesses
Target market | Midmarket customers within the warehousing, manufacturing, wholesale distribution, consumer packaged goods, automotive and third-party logistics industries
How it works | Fulfilld creates a digital twin of a warehouse, monitoring physical layout and stock patterns. Wearable tech adds data about step counts, temperature, noise and light levels, location data and other optional factors. The software then gathers the data in one place, producing accessible analytics to manage operations within the warehouse in the most efficient way possible.
The deal represents Pi Labs’ first investment in the US, with Faisal Butt, CEO and founder of the VC firm calling Fulfilld “one of the most exciting” startups he has seen in the logistics sector.
He added: “We were impressed by the traction Fulfilled has achieved in the US and saw an opportunity to help accelerate their growth and expansion here in Europe.
“Human capital is one of the most important factors for us when we conduct our due diligence process, and we were incredibly impressed with [co-founders] Yosh [Eisbart] and Michael [Pytel] given their proven track record in building and scaling international businesses.”
Eisbart and Pytel – along with Rick Fischer – previously founded software and services business NIMBL, which they sold to Italian tech company Techedge in 2018.
Minnie Ingersoll, partner at TenOneTen, said: “The Fulfilld solution is addressing a genuine gap in the market between rigid legacy systems and newer startups that are not built to meet the needs of larger enterprise customers.
“This team has the experience to sell to the enterprise coupled with the startup chops to build something from the ground up.”