Stord Raises a $250 Million Series F at a $3 Billion Valuation
Eight years ago, I met a 20-year-old Georgia Tech dropout in Atlanta who told me he was going to build an Amazon Prime-like fulfillment network for every brand. It was ambitious yet easy to understand. I led the seed round and have served as a board observer ever since.
Today, Stord announced a $250 million Series F at a $3 billion valuation, doubling the company’s valuation in just twelve months.
Sean Henry and Jacob Boudreau have built a great business. However it wasn't easy. We navigated two significant supply chain disruptions in covid and tariffs. But the north star has stayed the same: allow every brand to deliver the kind of consumer experience that used to require Amazon-scale infrastructure.
In a world of AI, where software becomes increasingly easy to build, businesses like Stord that deeply integrate bits and atoms are more defensible than ever. Today, Stord delivers packages to 20% of US addresses, powered by a network of physical assets tied together with powerful custom-built software. If you step into a Stord 1P warehouse, as I did last week, the operational complexity will amaze you. That’s both the challenge and the moat.
Along the way, we introduced Sean to our friends at Kleiner Perkins, Founders Fund and Bond Capital, who joined us for the journey. It’s been a career highlight for me to work with this team and I’m excited to see what we can accomplish in the next eight years and beyond.
Eight years ago, Newfront Insurance started in the Susa offices.
Last week, they signed a definitive agreement to be acquired for $1.3B.
2017: 3 people, $0 in premium, $0 in revenue.
2025: 700 people, $3B in premium, $250m in revenue, profitable.
Spike and Gordon,
Thanks for letting Susa be a small part of the journey.
Chad
ps, Newfront will continue to operate. they have the best product for companies. reach out if your company needs coverage.
Dear founders,
We’re excited to announce Susa Ventures V – a $175M fund to help you launch and scale your company. Since 2013, we’ve dedicated ourselves to pre-seed and seed-stage company building.
Every company starts at day one, but only a few become category-defining businesses. The winners find momentum early and compound it for decades. Our job is to help you build momentum early – by providing capital, customers and talent.
Susa founders are on average more successful and own more of their companies than industry peers. Susa companies become unicorns ~10x more often than the average venture-funded startup. 10% of Susa I and II companies have become unicorns – compared to a 1%* industry average. Susa-backed companies raise Series A rounds at ~2x higher valuations than industry average*, resulting in lower founder dilution. Susa founders tend to own more of their companies at exit.
How we work:
We invest $500k-$5m at the pre-seed and seed-stage.
We invest pre-idea all the way through early product-market-fit.
We build independent conviction – we don't care who else is in the round.
We’re very selective – each partner invests in just 2-3 companies per year.
We're sector-agnostic, focused primarily on software, and believe AI is underhyped.
We’re founder-first – in 12 years, we’ve never voted a founder out of their business.
In short, we’re a purpose-built seed specialist.
We’re living in the most exciting technology shift in human history. Artificial intelligence has the potential to change the way humans live in a more profound way than anything we’ve seen before. We’re energized by optimism and motivated by the determination to help build a future we’re excited about. We’ve outlined areas of investment interest here.
Choosing Susa means your success drives impact beyond your company. We manage capital from US-based institutions, including non-profit foundations, education endowments and leading healthcare providers.
If you’re an early-stage builder, please reach out.
Chad
Eight years ago, Newfront Insurance started in the Susa Ventures offices.
Last week, they signed a definitive agreement to be acquired for $1.3B.
2017: 3 people, $0 in premium, $0 in revenue.
2025: 700 people, $3B in premium, $250m in revenue, profitable.
Spike and Gordon,
Thanks for letting Susa be a small part of the journey.
ps, Newfront will continue to operate. They have the best product for companies. Reach out if your company needs coverage.