Richmond, Va.-based Warehowz, which provides on-demand warehousing services by matching warehouse owners with customers seeking space, has raised $2.3 million from undisclosed investors in a seed round, according to Crunchbase.
According to a report in Business Journal, the startup raised $1 million from local investors, ahead of its launch in 2019.
Warehowz was co-founded by CEO Darrell Jervey and chief technology officer Nick Bawa in 2018. Jervey previously co-founded and led a home products maker, Worth Products Group, while Bawa was previously an SAP consultant at IBM, and also founded and ran a software development company, Covintus, which developed the technology platform for Warehowz.
“It is, in effect, taking advantage of a share economy — sharing resources between various companies without having to purchase all the assets and real estate,” Jervey told Richmond.com about his startup.
“We fully expect to become a $100 million company in a single-digit number of years,” he said, adding that the fast-growing on-demand warehousing market could reach $26 billion by 2023.
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Warehowz has built scores of partnerships with warehouse owners, giving it the ability to provide storage space across most parts of the country. Besides running a platform on which warehouse owners are matched with those seeking storage space, Warehowz has built related software to serve both sets of customers, and integrates with their own internal systems. Such software provide data on, say, inbound orders, arrival times etc., enabling efficient management of warehouse space.
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“This data moves through our platform and we can use an API to automatically import it to our clients’ warehouse management software,” Jervey, who has previously founded seven startups, told Business Journal.
Jervey is credited with fashioning Worth Products into a robust company, winning a $1 million deal with Lowe’s on the strength of an innovative lighting system — “recessed lights (that) could be converted into dropped lighting” — he had spotted at his wife’s workplace during a Christmas party, Business Journal said.