Material Bank Raises $28 Million for Expansion, Amid 200% Revenue Increase
May 3, 2020
Material Bank CEO Adam Sandow
NEW YORK -- Material Bank, the materials company for the architecture and design industry, has announced it has secured $28 million, which is led by Bain Capital Ventures.
Material Bank will use the funds to accelerate expansion into new categories, build a new robotic logistics facility to support increased demand, and further develop its SaaS platform.
SaaS, or software as a service, is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. It is sometimes referred to as “on-demand software.”
For the first quarter of 2020, Material Bank recorded 45% quarter-on-quarter revenue growth, and the company is on track to grow revenue 200%, and will double its participating brands in 2020, according to the company.
Material Bank is the world's largest material marketplace of its kind. It simplifies the complex process of material search and sampling by enabling architects, designers, and corporate buyers to search hundreds of thousands of materials, such as paint, flooring, and textiles across hundreds of vendors.
Material Bank's database is combined with its propriety robotic distribution facility, allowing users to order samples until midnight (ET) to be delivered free of charge anywhere in the U.S., in one box, by 10:30 a.m. the next morning. Material Bank also significantly improves the sustainability of the design industry by reducing the number of inbound packages to firms by over 70%, according to the company.
"Our mission is to remove the friction that exists when searching and sampling materials,” Material Bank founder and CEO Adam Sandow says in a statement. “Material Bank has almost doubled its member base within the last six months. … Our dramatic growth is a result of the changing demands of the industry and our ability to efficiently serve them. We're thrilled to announce support from Bain Capital Ventures during this time of rapid expansion."
Material Bank has over 35,000 members, who use the platform to source billions of dollars of materials for more than 75,000 construction and design projects.
Material Bank is used by architects, designers, and corporate buyers from a wide range of industries, including real estate, government, retail, healthcare, education, and hospitality.
"Material Bank is a perfect fit with Bain Capital Ventures' mission of investing in industry leading B2B companies,” Merritt Hummer, partner at Bain Capital Ventures, says in a statement. “We are excited about the potential of online marketplaces to transform the B2B commerce landscape, and Material Bank's exponential growth over the past year, shows they are very well positioned to become the dominant marketplace in the materials industry."
Material Bank will use the funds to accelerate expansion into new categories, build a new robotic logistics facility to support increased demand, and further develop its SaaS platform.
SaaS, or software as a service, is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. It is sometimes referred to as “on-demand software.”
For the first quarter of 2020, Material Bank recorded 45% quarter-on-quarter revenue growth, and the company is on track to grow revenue 200%, and will double its participating brands in 2020, according to the company.
Material Bank is the world's largest material marketplace of its kind. It simplifies the complex process of material search and sampling by enabling architects, designers, and corporate buyers to search hundreds of thousands of materials, such as paint, flooring, and textiles across hundreds of vendors.
Material Bank's database is combined with its propriety robotic distribution facility, allowing users to order samples until midnight (ET) to be delivered free of charge anywhere in the U.S., in one box, by 10:30 a.m. the next morning. Material Bank also significantly improves the sustainability of the design industry by reducing the number of inbound packages to firms by over 70%, according to the company.
"Our mission is to remove the friction that exists when searching and sampling materials,” Material Bank founder and CEO Adam Sandow says in a statement. “Material Bank has almost doubled its member base within the last six months. … Our dramatic growth is a result of the changing demands of the industry and our ability to efficiently serve them. We're thrilled to announce support from Bain Capital Ventures during this time of rapid expansion."
Material Bank has over 35,000 members, who use the platform to source billions of dollars of materials for more than 75,000 construction and design projects.
Material Bank is used by architects, designers, and corporate buyers from a wide range of industries, including real estate, government, retail, healthcare, education, and hospitality.
"Material Bank is a perfect fit with Bain Capital Ventures' mission of investing in industry leading B2B companies,” Merritt Hummer, partner at Bain Capital Ventures, says in a statement. “We are excited about the potential of online marketplaces to transform the B2B commerce landscape, and Material Bank's exponential growth over the past year, shows they are very well positioned to become the dominant marketplace in the materials industry."
