Material Bank is an American technology and logistics company headquartered in Boca Raton, Florida, with its logistics hub in Olive Branch, Mississippi. The company provides a platform for searching and ordering free samples of architectural, construction, and design materials. Material Bank was founded by Adam I. Sandow to facilitate the overnight delivery of samples to the United States and Canada and connect manufacturers with architects and designers. As of May 2022, Material Bank has raised $325 million in funds and was valued at more than $1.9 billion.
 | |
| Company type | Private |
|---|---|
| Industry | |
| Founded | January 2019 in Boca Raton, Florida, U.S. |
| Founders | Adam I. Sandow |
| Headquarters | Boca Raton, Florida , U.S. |
Key people | Sebastian J Gunningham - CEO |
| Services | Platform for searching and sampling architectural, design and construction materials |
| Website | www |
History
editMaterial Bank was founded in January 2019 by Adam I. Sandow,[1][2] who through his self-named company also owns several design and architectural media companies including Interior Design and Metropolis.[3][4] Sandow was able to leverage his relationships within the architecture and design industry to attract both designers and brands for the Material Bank platform.[2]
Before April 2020, Material Bank had raised $27 million in funds in previous rounds led by Raine Ventures and Starwood Capital Group. That month, it raised another $28 million in a Series B funding round led by Bain Capital Ventures, bringing Material Bank's total funding to $55 million.[1][5] The company planned to use the new funding to build a new logistics facility and improve its online platform.[1]
Material Bank initially operated an 80,000-square-foot (7,400 m2) facility in Memphis, Tennessee,[6][7] before the company moved to a new larger facility in Olive Branch, Mississippi, in February 2021.[3][8] The company announced the conclusion of a new round of funding in May 2021. The Series C round was co-led by General Catalyst and Durable Capital Partners LP with participation from existing investors Bain Capital Venture and Raine Ventures and raised more than $100 million in additional funding. This brought the company's total funding to $157 million, and Material Bank was valued at $1 billion.[6][9]
In August 2021, Material Bank acquired full ownership of Clippings, an interior design procurement platform with offices in London, England, and Sofia, Bulgaria. Clippings remains a separate platform.[4][10] Material Bank also opened a facility near Charles de Gaulle Airport in Paris.[11]
In March 2022, Material Bank acquired Amber Engine, a software company for product information management.[12] Material Bank announced a $175-million Series D funding round in May 2022, bringing its total funding to more than $325 million. As of this funding round, the company was valued at $1.9 billion.[13][14] In June 2022, the company acquired Architizer, an online forum for designers and architects.[15][16]
Operations
editMaterial Bank is headquartered in Boca Raton, Florida.[17] It has its approximately 380,000-square-foot (35,000 m2) logistics facility in Olive Branch, Mississippi,[9] located five miles from the FedEx Express World Hub at the Memphis International Airport.[3][18] The location allows Material Bank to ship all packages via Priority Overnight to guarantee orders placed by midnight Eastern Time Zone are delivered by 10:30 a.m. the following day.[3][18] From this facility, Material Bank is able to deliver to addresses in the United States and Canada.[19] As of early 2021, the company uses 150 autonomous robots by Locus Robotics that work alongside more than 200 employees at its logistics facility.[3][20]
References
edit- ^ a b c "Material Bank raises $28 million in Series B funding". Business of Home. April 30, 2020. Retrieved October 14, 2021.
- ^ a b Barber, Kayleigh (September 5, 2019). "Sandow's Success Is Anything but Traditional". Folio. Retrieved October 14, 2021.
- ^ a b c d e Schulman, Ben (2021). "Bank On It: How Material Bank Is Disrupting Design". TopicA. Retrieved October 14, 2021.
- ^ a b Fairs, Marcus (August 16, 2021). "Material Bank buys Clippings to speed digitisation of "one of the few remaining sectors" to be transformed by technology". Dezeen. Retrieved October 14, 2021.
- ^ Crook, Jordan (April 30, 2020). "Material Bank, a logistics platform for sourcing architectural and design samples, raises $28M". TechCrunch. Retrieved October 14, 2021.
- ^ a b Feldman, Amy (May 6, 2021). "The Latest Hot Marketplace, Material Bank, Raises $100 Million To Source Architectural And Construction Products—With Help From Robots". Forbes. Retrieved October 14, 2021.
- ^ Steimer, Jacob (October 8, 2020). "Startup that's raised $55M plans to employ 300 in Olive Branch". Memphis Business Journal. Retrieved October 14, 2021.
- ^ Gagliano, Steven (October 8, 2020). "Material Bank set to bring 300 new jobs to Olive Branch". SuperTalk Mississippi. Retrieved October 14, 2021.
- ^ a b Petersen, Kaitlin (May 6, 2021). "Material Bank raises $100 million, with plans to target residential design". Business of Home. Retrieved October 14, 2021.
- ^ Lillo, Andrea (August 17, 2021). "Material Bank acquires London-based interior design procurement platform". Designers Today. Retrieved October 14, 2021.
- ^ Nicolaus, Fred (January 23, 2023). "Material Bank's international expansion takes shape". Business of Home. Retrieved March 9, 2023.
- ^ Nicolaus, Fred (August 15, 2021). "With a new acquisition, Material Bank looks to create a 'Shopify for design'". Business of Home. Retrieved March 9, 2023.
- ^ Tan, Gillian (May 5, 2022). "Brookfield Growth Backs Material Bank at $1.9 Billion Valuation". Bloomberg.com. Retrieved March 9, 2023.
- ^ Garcia, Luis (May 5, 2022). "Brookfield Backs Building Materials Marketplace". Wall Street Journal. ISSN 0099-9660. Retrieved March 9, 2023.
- ^ Dreith, Ben (June 22, 2022). "Material Bank acquires digital architecture platform Architizer". Dezeen. Retrieved March 9, 2023.
- ^ Nelson, Tim (June 23, 2022). "Material Bank Inks a Deal With Architizer, Continuing Its Acquisition Spree". Architectural Digest. Retrieved March 9, 2023.
- ^ Bakken, Bob (August 27, 2021). "Reeves touts economic development in Olive Branch stop". DeSoto County News. Retrieved October 14, 2021.
- ^ a b Garland, Max (October 6, 2019). "Material Bank, a time-sensitive hub for samples, credits FedEx for its Memphis location". The Commercial Appeal. Retrieved October 14, 2021.
- ^ "Material Bank hiring 300 for distribution center in Olive Branch". Daily Journal. October 8, 2020. Retrieved October 14, 2021.
- ^ Edwards, David (February 17, 2021). "Locus Robotics raises $150 million in latest funding round, bringing its valuation to '$1 billion'". Robotics & Automation News. Retrieved October 14, 2021.