Lowenstein Sandler represented Saltbox, Inc., the flexible co-warehousing and small business logistics pioneer, in its $35 million Series B funding round. The investment was co-led by Atlanta-based and family-owned Cox Enterprises Inc; a leader in the broadband, automotive and media industries, and Pendulum; a strategic growth investing and advisory platform designed for founders and leaders of color and previous investor in Saltbox.
This Series B round brings Saltbox's total funding to $56 million. The round also included investment from Playground Global, XYZ Capital, Fundrise, Kapor Capital, Wilshire Lane Capital, Colliers, Lincoln Property Company, Flexport and Overline among others. Funding will support developing Saltbox's core technology stack powering its end-to-end logistics platform for small and growing ecommerce businesses.
Of Saltbox's more than 500 members across its ten co-warehousing locations, more than 70 percent are ecommerce companies that sell physical goods directly to consumers. These SMBs span numerous industries including fashion and apparel, health and beauty, home goods, resale, and tech in the hardware and services sectors. Half of Saltbox member businesses are led by women or people of color.
The Lowenstein deal team included Carl J. Hessler, Kristin V. Taylor, Michael J. Caffrey, Samantha Fox, Chad M.P. Weeks, Tina Aoun, and Chynara Tolubaeva.