Today Whitebox announced the close of its Series B funding, totaling $18 Million. This tremendous achievement is a testament to the hard work and dedication of our passionate employees, our collaborative and innovative clients, and the forward-thinking investment community.
We have achieved growth outpacing the market over the last three years and this year across the board. I, for one, don’t take those milestones lightly, especially when faced with a global pandemic and the near-constant challenges associated with it. There are many to thank, and much more exciting news to share.
First, let me recognize the outstanding members of our B round team who worked closely with Whitebox to close this round. Our $18 Million Series B was led by Noro-Moseley Partners. Noro-Moseley was joined by existing major investors who are increasing their support: TDF Ventures; TCP Venture Capital’s Propel Baltimore Fund; David Williams, global chairman, Merkle; and Chris Brandenburg, co-founder of Millennial Media. Additionally, Whitebox is gaining two great new board members in Alan Taetle, General Partner, Noro-Moseley and Elizabeth Feidler, Vice President, Noro-Moseley.
Whitebox presented our investors with an undeniable and unprecedented track record of growth. This year, in particular, while the U.S. was under stay-at-home orders meant that we were the lifeline from our clients to consumers who depended on our ability to move and ship with accuracy, speed, and precision. Thanks to our holistic ecommerce technology, our clients saw a 53% increase in new customer acquisition across all channels where they sell. And driving and supporting those sales is a key unique differentiator of Whitebox. Omni-channel is the present and undeniable future. Additionally, our clients saw a 180% increase in ad-driven sales and a 1092% increase in DTC growth across all sites. Our company saw 4.5x year-over-year growth in Q2 2020 v Q2 2019. In my 20-year career after leaving the nuclear Navy, I’ve never seen numbers like these.
Some companies would double-down on their existing team to keep up with this momentum and pocket that 348% increase in revenue. Whitebox did the opposite. We invested both in our employees and our community to better serve our present and future clients and reinvest in the economy. Over the last year, we’ve added two new warehouses in Las Vegas, NV and Memphis, TN to ensure our clients are closer to customers. And, we’ve expanded our headquarters in Baltimore, taking over Under Armour’s former space. In addition, we’ve grown our Whitebox team to 125 full-time employees across all three locations. These people are world-class, from the factory floor to the front office. Every single one of them went above and beyond to ensure consumers had what they needed as fast as possible and that our clients were well taken care of.
This $18 Million infusion of funding has several distinct and strategic purposes. Whitebox will use this investment to further our mission to eliminate the complexity of commerce, create opportunities others can’t, and eliminate costs others won’t so brands and their customers can develop strong and lasting relationships.
Here’s where we plan to invest:
Today, we celebrate the exceptional Whitebox team, our wonderful clients, and our supportive investors. I’m exceptionally proud of how far we’ve come in so short a time. It’s no accident that we’ve created the leading ecommerce solution for DTC brands and enterprise companies, one that is perfectly suited to meet this moment and the demands of the modern consumer while saving our clients time, money, and resources and maximizing ROI.
Thank you to everyone who made today possible. My real and virtual door is always open for your thoughtful questions, candid conversation, and of course, curious new clients.
Best,
Marcus
