MIAMI, May 06, 2021 (GLOBE NEWSWIRE) -- Material Bank, the world’s largest marketplace for searching and sampling architectural, design, and construction materials, today announced it has secured $100 million in Series C funding co-led by General Catalyst and Durable Capital Partners LP, with participation from BOND, Lead Edge Capital and existing investors Bain Capital Ventures and Raine Ventures. This round brings Material Bank's total funding to $157 million. Material Bank will use the capital to fuel continued momentum, scale teams and infrastructure, expand into new verticals, make strategic acquisitions, and seed long-term growth initiatives.
Bob Mylod, who joined this round through Annox Capital and has led the board of directors of defining digital commerce companies such as Booking Holdings, RedFin, and Vroom, will be joining Material Bank’s Board of Directors to help further the company’s accelerated growth.
Material Bank provides scalable digital commerce by seamlessly connecting global material brands with specifiers and buyers. Material Bank members can search across hundreds of brands on a single site, order samples until midnight (ET), and receive everything in one box by 10:30 am the next day, anywhere in the continental US. In addition to improving the speed of searching and sampling materials, Material Bank provides design professionals with a sustainable solution in their specification process. By aggregating samples from multiple brands into a single box, Material Bank creates massive efficiencies, saving members valuable time while having eliminated more than one million packages from being shipped in the last two years. All orders are shipped 100% carbon neutral and unneeded materials can be returned at no cost to be reused.
With 375 brands and over 65,000 members performing almost 700,000 material searches a month, Material Bank has achieved rapid adoption and tripled its revenue in 2020. Today, the design industry’s most comprehensive materials marketplace is powered by a new, 380,000 square foot logistics facility, located just minutes from FedEx’s World Hub in Memphis, TN. This new facility, which is almost 5x the size of the company's original location, uses autonomous robots to service tens of thousands of sample requests every night.
“Material Bank has fundamentally transformed and modernized the way the design industry searches, samples and specifies materials, and has quickly become the standard for the architecture and design community,” said Material Bank Founder, Chairman and CEO Adam I. Sandow. “We were strategic with this raise and are thrilled to announce the support from this dynamic group of investors that have come together in this round. With a core business that turned profitable last year, this new capital added to our company’s strong balance sheet and will allow us to build upon our considerable momentum and accelerate growth opportunities."
About Material Bank®
Material Bank is a marketplace for design professionals and brands in the architecture and design industry, providing the fastest and most powerful way to discover and sample materials. The revolutionary platform powers complex searches across hundreds of brands in seconds. Samples ordered by midnight (ET) are delivered in a single box by 10:30 AM the next day—always free for design professionals. With a rapidly growing community of members, Material Bank is the easiest way for brands to connect with thousands of vetted design professionals in the specification process.
About General Catalyst
General Catalyst is a venture capital firm that invests in powerful, positive change that endures — for our entrepreneurs, our investors, our people, and society. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build companies that withstand the test of time. With offices in San Francisco, Palo Alto, New York City, and Boston, the firm has helped support the growth of businesses such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Snap, Stripe, and Warby Parker. For more: www.generalcatalyst.com.
About Durable Capital Partners LP
Durable Capital Partners LP is an investment adviser founded by Henry Ellenbogen. Durable Capital Partners LP's investment philosophy is focused on sourcing small and mid-cap compounders in both the private and public markets. Prior to founding Durable Capital Partners LP, Henry spent 18 years at T. Rowe Price, where he was Portfolio Manager of the Media & Telecom Fund (2005 - 2009) and the New Horizons Fund (2010 - March 2019). Henry was also T. Rowe Price's Chief Investment Officer for U.S. Equity Growth.