Boxed Adds New Investor to Funding Round

NEW YORK, May 25, 2016 /PRNewswire/ -- Boxed Wholesale, the company that delivers bulk-sized groceries, today announced that American Express Ventures has made an investment in the mobile-first retailer, joining a stable of investors which includes First Round Capital, GGV Capital, and Yuri Milner. 

In January, Boxed announced it had raised $100 million in Series C funding from investors including hedge fund Light Street Capital and SAFA Partners, an investment group founded by employees formerly of Rizvi Traverse Management.  Previous Boxed investors also participated in the round. 

"We really appreciate all the hard work by American Express Ventures, and look forward to building an even greater relationship," said Boxed CEO Chieh Huang.

Boxed has made several expansion moves this year, and is primed for further growth in the coming months. The Company recently relocated to new corporate headquarters four times larger than its old space just a few blocks away in the SoHo neighborhood of Manhattan.  Boxed is also preparing to move its New Jersey fulfillment operations to a center that will be several times larger. Boxed has other fulfillment centers located in Las Vegas and Atlanta.

The additional American Express Ventures investment will be used to further grow the Company's product selection and fulfillment center operations.

"There's no denying the incredible trajectory of mobile commerce, and with the right partners, Boxed will remain at the forefront of 'next-generation' shopping," said Huang.   

About BoxedFounded in 2013, Boxed is the most convenient way to shop for groceries and household products in bulk at the lowest prices, with free delivery and no membership fees. With a carefully-curated selection of products, Boxed makes it easy for its customers to shop for everyday essentials, as well as discover and fall in love with new brands. Customers can order everything they need for their home or office in minutes at boxed.com or on the free Boxed app.

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SOURCE Boxed Wholesale