Supply chain provider Freeborders closes $9 million in funding
San Francisco-based Freeborders, a provider of collaborative supply chain management systems for the retail industry, has received $9 million in third round funding, bringing total financing to date to more than $42 million.
“In an environment where funding is scarce, this investment represents a major endorsement of our sales momentum and ability to execute," said John Cestar, Freeborders CEO.
Investment partners in the round include TAL Apparel Limited, ICG Asia (majority owned by Hutchison Whampoa Ltd.), Internet Capital Group, Grupo Mina, and Elek Moreno Valle and Associates.
In addition, Freeborders announced a 41% increase in second-quarter revenue compared to the first quarter of 2001, and 111% increase over the same period last year. The increase was fueled by sales of additional software and services to existing customers, as well as to several new customers including Dewhirst Corporate Clothing, PremiumWear, Crystal Group, Fountain Set (Holdings) Ltd., and The Apparel Group Ltd..
Freeborders’ has more than 250 customers in 26 countries, including Liz Claiborne, Levi Strauss & Co., Nike, L.L.Bean, Lands’ End and Dillard’s.
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