Material Bank is an American technology and logistics company headquartered in Boca Raton, Florida, with its logistics hub in

Olive Branch, Mississippi Olive Branch is a city in DeSoto County, Mississippi, United States. As of the 2020 census, the population is 39,711. Olive Branch is part of the Memphis Metropolitan Statistical Area, a region that consists of three counties in southwest T ...

. 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.

History

Material Bank was founded in January 2019 by Adam I. Sandow, who through his self-named company also owns several design and architectural media companies including ''

Interior Design Interior design is the art and science of enhancing the interior of a building to achieve a healthier and more aesthetically pleasing environment for the people using the space. An interior designer is someone who plans, researches, coordi ...

'' and ''

Metropolis A metropolis () is a large city or conurbation which is a significant economic, political, and cultural center for a country or region, and an important hub for regional or international connections, commerce, and communications. A big ci ...

''. 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 Bain Capital Ventures LLC is the venture capital division within Bain Capital, which has approximately $160 billion of assets under management worldwide. The firm's early-stage investments have included Attentive, Bloomreach, Clari, Docusign, Fl ...

, bringing Material Bank's total funding to $55 million. The company planned to use the new funding to build a new logistics facility and improve its online platform. Material Bank initially operated an facility in

Memphis, Tennessee Memphis is a city in the U.S. state of Tennessee. It is the seat of Shelby County in the southwest part of the state; it is situated along the Mississippi River. With a population of 633,104 at the 2020 U.S. census, Memphis is the second-mos ...

, before the company moved to a new larger facility in

, in February 2021. 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. In August 2021, Material Bank acquired full ownership of Clippings, an interior design procurement platform with offices in

London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...

, England, and

Sofia Sofia ( ; bg, София, Sofiya, ) is the capital and largest city of Bulgaria. It is situated in the Sofia Valley at the foot of the Vitosha mountain in the western parts of the country. The city is built west of the Iskar river, and h ...

, Bulgaria. Clippings remains a separate platform. Material Bank also opened a facility near Charles de Gaulle Airport in Paris. In March 2022, Material Bank acquired Amber Engine, a software company for product information management. 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. In June 2022, the company acquired Architizer, an online forum for designers and architects.

Operations

Material Bank is headquartered in Boca Raton, Florida. It has its approximately logistics facility in Olive Branch, Mississippi, located five miles from the

FedEx Express FedEx Express, a subsidiary of FedEx Corporation, is a major American cargo airline based in Memphis, Tennessee, United States. As of 2020, it is one of the world's largest airlines in terms of fleet size and freight tons flown. It is the na ...

World Hub at the

Memphis International Airport Memphis International Airport is a civil-military airport located southeast of Downtown Memphis in Shelby County, Tennessee, United States. It is the primary international airport serving Memphis. It covers and has four runways., effective A ...

. The location allows Material Bank to ship all packages via Priority Overnight to guarantee orders placed by midnight

Eastern Time Zone The Eastern Time Zone (ET) is a time zone encompassing part or all of 23 states in the eastern part of the United States, parts of eastern Canada, the state of Quintana Roo in Mexico, Panama, Colombia, mainland Ecuador, Peru, and a small p ...

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. As of early 2021, the company uses 150 autonomous robots by Locus Robotics that work alongside more than 200 employees at its logistics facility.

References

External links

* {{Official website, https://www.materialbank.com/ 2019 establishments in Florida Companies based in Boca Raton, Florida