Fulfillment provider Stord raised a $250 million Series F at a $3 billion valuation, double its price from a year ago, on the pitch that brands want an Amazon-grade network that isn't Amazon's.
By the numbers: Strike Capital led the round, joined by Kleiner Perkins, Founders Fund, and Franklin Templeton.
The company runs nearly 100 fulfillment locations, serves more than 1,000 customers, and moves over $15 billion in annual GMV. It says its packages now reach nearly 1 in 4 US households, up from 11.5% of US homes in 2024, and that its software revenue tripled in 2025.
The switching math: Amazon raised its Multi-Channel Fulfillment fees by an average of $0.30 per unit in January, and running DTC orders through MCF gives Amazon visibility into a brand's sales data. "Amazon makes you feel like a SKU," an operator who has run more than $50 million through FBA said in the funding release.
Stord claims average parcel savings of 12 to 15%.
The catch: Stord has bought eight companies, including Shipwire in January, and analyst Eric Pong told FreightWaves that growth dependent on acquisitions is risky, since investors "may just see a logistics company with in-house tech."
The cautionary comparison is Flexport, which absorbed Shopify's logistics arm in 2023 and is now valued around $2 billion, a quarter of its $8 billion 2022 peak.
