Fulfilld, a US based warehouse management orchestration platform, has raised USD2.5 million in an oversubscribed seed funding round led by TenOneTen Ventures and co-led by Pi Labs, Europe’s most active proptech VC.
Other investors in the round included seed stage venture fund Matchstick and former CEO of Amazon’s worldwide consumer business, Jeff Wilke.
The company was launched by serial entrepreneurs Yosh Eisbart, Michael Pytel, and Rick Fischer who previously founded and bootstrapped enterprise software and services firm NIMBL, ultimately selling to a publicly traded European competitor in 2018. At the time of their exit in August 2020, NIMBL was a recognised innovation thought leader within the enterprise software and services space boasting over 300 employees and customers around the world.
Fulfilld is the only location-aware warehouse management orchestration platform leveraging real-time workforce activity, focused on optimising core warehousing operations via a machine-learning system directing tasks between humans and robots. Its cloud-based technology – powered by digital-twin warehouse virtualisation, 5G, and ultra-wide band connectivity – is targeted at enterprise midmarket customers within the warehousing, manufacturing, wholesale distribution, consumer packaged goods, automotive, and third-party logistics industries.
As ecommerce growth continues to drive rapid expansion in warehouse operations, global spending on warehouse management systems is expected to reach $24 billion by 2028. With operational efficiency increasingly important for business supply chain success, Fulfilld’s bundled hardware and software monthly subscription offering can lead to significant cost savings in the first year of implementation, due to its reduced employee onboarding time, lower cost and limited external support requirements. The state-of-the-art technology aims to achieve an estimated overall efficiency improvement of 15-20 per cent, resulting in reduced labour requirements; an important consideration given challenges posed by worker shortages and the resulting supply chain blockages in the sector.
Fulfilld marks the fourth venture together by Fulfilld’s founders, as they target expansion in the US followed by other global geographies in response to growing demand from warehouse operators for warehousing orchestration systems. Since launching in December of last year, Fulfilld has already secured a growing waitlist of customers and the funding will enable the company to accelerate product development and rollout.
Yosh Eisbart, Co-Founder and CEO of Fulfilld, says: “Michael, Rick, and I – and the entire Fulfilld team – are thrilled to be partnering with such an amazing group of investors in building our dream software and hardware start-up from the ground up. Fulfilld is founded on decades of experience, industry-knowledge, passion, and grit within the enterprise world along with an intimate understanding of what warehousing operations truly need. We are simply giddy on being able to actualise our team’s vision into an industry both hungry and ready for disruption. Thank you, Pi Labs, TenOneTen, Matchstick, and Jeff for believing in us
Faisal Butt, CEO and Founder of Pi Labs, says: “Fulfilld is one of the most exciting solutions we have seen developed within the logistics sector, filling a large void in terms of enhancing warehousing operations, particularly at a time of growing labour shortages and supply chain disruption. This investment marks our first investment out of the US. We were impressed by the traction Fulfilld has achieved in the US and saw an opportunity to help accelerate their growth and expansion here in Europe.
“Human capital is one of the most important factors for us when we conduct our due diligence process, and we were incredibly impressed with Yosh and Michael given their proven track record in building and scaling international businesses. We believe in their vision and in their ability to achieve it, which is why we are proud to be co-leading their seed round to jump start their global growth journey.”
Minnie Ingersoll, Partner at TenOneTen, says: “The Fulfilld solution is addressing a genuine gap in the market between rigid legacy systems and newer start-ups that are not built to meet the needs of larger enterprise customers. This team has the experience to sell to the enterprise coupled with the start-up chops to build something from the ground up.”
Natty Zola, Partner at Matchstick Ventures, says: “Yosh and Michael bring a decade of experience and knowledge in the warehouse software integration space to Fulfilld. Their innovative technology can bring significant advantages to warehouse operators by streamlining operations, increasing worker productivity, which is what gives companies a competitive advantage as space is increasingly limited and expected delivery times continue to reduce due to consumer habits.”
