Boxed has raised $111 million in its latest funding round, which was led by Japanese grocer Aeon. With the new funding, the brand plans to continue to ramp up automation of its facilities with hardware developed by the in-house robotics team at Boxed.
The e-Tailer also is considering future expansion of its operations around the country, including in the Chicago area, where execs have begun visiting potential new sites for a Midwest-based facility.
“Our industry is constantly evolving,” said Chieh Huang, Co-Founder and CEO of Boxed in a statement. “Our latest fundraising efforts will allow us to capitalize on those changes. We’ll also continue to expand our national footprint by focusing on reaching our core consumer in various key markets, to increase national brand awareness of Boxed.”
Boxed will share its knowledge of logistics, robotics and AI-driven data usage with Aeon, and also help accelerate the company’s digital transformation. The two companies also plan on exploring further collaborations on technology and business models.
Joining Aeon in the latest round are Alpha Square Group, CDIB Capital, consumer technology investor Gabriel Naouri and existing investors.