Material Bank

Material Bank was founded in January 2019 by Adam I. Sandow,{{Cite web|date=April 30, 2020|title=Material Bank raises $28 million in Series B funding|url=https://businessofhome.com/articles/material-bank-raises-28-million-in-series-b-funding|access-date=October 14, 2021|website=Business of Home}}{{Cite web|last=Barber|first=Kayleigh|date=September 5, 2019|title=Sandow's Success Is Anything but Traditional|url=https://archive.foliomag.com/sandow-material-bank/|access-date=October 14, 2021|website=Folio|language=en-US}} who through his self-named company also owns several design and architectural media companies including Interior Design and Metropolis.{{Cite web|last=Schulman|first=Ben|date=2021|title=Bank On It: How Material Bank Is Disrupting Design|url=https://www.topicarchitecture.com/articles/6401696-bank-on-it-how-material-bank-is-disrupting|access-date=October 14, 2021|website=TopicA}}{{Cite web|last=Fairs|first=Marcus|date=August 16, 2021|title=Material Bank buys Clippings to speed digitisation of "one of the few remaining sectors" to be transformed by technology|url=https://www.dezeen.com/2021/08/16/material-bank-buys-clippings-speed-digitisation/|access-date=October 14, 2021|website=Dezeen|language=en}} Sandow was able to leverage his relationships within the architecture and design industry to attract both designers and brands for the Material Bank platform.

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.{{Cite web|last=Crook|first=Jordan|date=April 30, 2020|title=Material Bank, a logistics platform for sourcing architectural and design samples, raises $28M|url=https://techcrunch.com/2020/04/30/material-bank-a-logistics-platform-for-sourcing-architectural-and-design-samples-raises-28m/|access-date=October 14, 2021|website=TechCrunch|language=en-US}} The company planned to use the new funding to build a new logistics facility and improve its online platform.

Material Bank initially operated an {{Convert|80,000|sqft|m2|adj=on}} facility in Memphis, Tennessee,{{Cite web|last=Feldman|first=Amy|date=May 6, 2021|title=The Latest Hot Marketplace, Material Bank, Raises $100 Million To Source Architectural And Construction Products—With Help From Robots|url=https://www.forbes.com/sites/amyfeldman/2021/05/06/the-latest-hot-marketplace-material-bank-raises-100-million-to-source-architectural-and-construction-products---with-help-from-robots/|access-date=October 14, 2021|website=Forbes|language=en}}{{Cite web|last=Steimer|first=Jacob|date=October 8, 2020|title=Startup that's raised $55M plans to employ 300 in Olive Branch|url=https://www.bizjournals.com/memphis/news/2020/10/08/material-bank-leases-olive-branch-space.html|access-date=October 14, 2021|website=Memphis Business Journal}} before the company moved to a new larger facility in Olive Branch, Mississippi, in February 2021.{{Cite web|last=Gagliano|first=Steven|date=October 8, 2020|title=Material Bank set to bring 300 new jobs to Olive Branch|url=https://www.supertalk.fm/material-bank-set-to-bring-300-new-jobs-to-olive-branch/|access-date=October 14, 2021|website=SuperTalk Mississippi|language=en-US}} 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.{{Cite web|last=Petersen|first=Kaitlin|date=May 6, 2021|title=Material Bank raises $100 million, with plans to target residential design|url=https://businessofhome.com/articles/material-bank-raises-100-million-with-plans-to-target-residential-design|access-date=October 14, 2021|website=Business of Home}}

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.{{Cite web|last=Lillo|first=Andrea|date=August 17, 2021|title=Material Bank acquires London-based interior design procurement platform|url=https://www.designerstoday.com/news/industry-news/material-bank-acquires-london-based-interior-design-procurement-platform/|access-date=October 14, 2021|website=Designers Today|language=en-US}} Material Bank also opened a facility near Charles de Gaulle Airport in Paris.{{Cite web |last=Nicolaus |first=Fred |date=January 23, 2023 |title=Material Bank's international expansion takes shape |url=https://businessofhome.com/articles/material-bank-s-international-expansion-takes-shape |access-date=March 9, 2023 |website=Business of Home}}

In March 2022, Material Bank acquired Amber Engine, a software company for product information management.{{Cite web |last=Nicolaus |first=Fred |date=August 15, 2021 |title=With a new acquisition, Material Bank looks to create a 'Shopify for design' |url=https://businessofhome.com/articles/with-a-new-acquisition-material-bank-looks-to-create-a-shopify-for-design |access-date=March 9, 2023 |website=Business of Home}} 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.{{Cite news |last=Tan |first=Gillian |date=May 5, 2022 |title=Brookfield Growth Backs Material Bank at $1.9 Billion Valuation |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2022-05-05/brookfield-growth-backs-material-bank-at-1-9-billion-value |access-date=March 9, 2023}}{{Cite news |last=Garcia |first=Luis |date=May 5, 2022 |title=Brookfield Backs Building Materials Marketplace |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/brookfield-backs-building-materials-marketplace-11651787233 |access-date=March 9, 2023 |issn=0099-9660}} In June 2022, the company acquired Architizer, an online forum for designers and architects.{{Cite web |last=Dreith |first=Ben |date=June 22, 2022 |title=Material Bank acquires digital architecture platform Architizer |url=https://www.dezeen.com/2022/06/22/material-bank-acquires-digital-architecture-platform-architizer/ |access-date=March 9, 2023 |website=Dezeen |language=en}}{{Cite web |last=Nelson |first=Tim |date=June 23, 2022 |title=Material Bank Inks a Deal With Architizer, Continuing Its Acquisition Spree |url=https://www.architecturaldigest.com/story/material-bank-inks-a-deal-with-architizer-continuing-its-acquisition-spree |access-date=March 9, 2023 |website=Architectural Digest |language=en-US}}

Material Bank is headquartered in Boca Raton, Florida.{{Cite web|last=Bakken|first=Bob|date=August 27, 2021|title=Reeves touts economic development in Olive Branch stop|url=https://desotocountynews.com/mississippi-news/reeves-touts-economic-development-in-olive-branch/|access-date=October 14, 2021|website=DeSoto County News|language=en-US}} It has its approximately {{Convert|380,000|sqft|m2|adj=on}} logistics facility in Olive Branch, Mississippi, located five miles from the FedEx Express World Hub at the Memphis International Airport.{{Cite web|last=Garland|first=Max|date=October 6, 2019|title=Material Bank, a time-sensitive hub for samples, credits FedEx for its Memphis location|url=https://www.commercialappeal.com/story/money/industries/logistics/2019/10/06/material-bank-sample-hub-says-fedex-reason-its-memphis/2385185001/|access-date=October 14, 2021|website=The Commercial Appeal|language=en-US}} 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. From this facility, Material Bank is able to deliver to addresses in the United States and Canada.{{Cite web|date=October 8, 2020|title=Material Bank hiring 300 for distribution center in Olive Branch|url=https://www.djournal.com/news/business/material-bank-hiring-300-for-distribution-center-in-olive-branch/article_741758d2-f009-5daa-89a9-305312285290.html|access-date=October 14, 2021|website=Daily Journal|language=en}} As of early 2021, the company uses 150 autonomous robots by Locus Robotics that work alongside more than 200 employees at its logistics facility.{{Cite web|last=Edwards|first=David|date=February 17, 2021|title=Locus Robotics raises $150 million in latest funding round, bringing its valuation to '$1 billion'|url=https://roboticsandautomationnews.com/2021/02/17/locus-robotics-raises-150-million-in-latest-funding-round/40789/|access-date=October 14, 2021|website=Robotics & Automation News|language=en-US}}

{{Reflist}}

• {{Official website|https://www.materialbank.com/}}

Category:2019 establishments in Florida

Category:Companies based in Boca Raton, Florida