Gooten, which builds technology to enable on-demand manufacturing and automated fulfillment, has closed on $11 million in Series A funding led by New York’s KEC Ventures. Other participants included Schaumburg, Ill.-based INX International, California’s Tech Pioneers Fund, and some prior investors.
Subsequent to the current round of funding, Will Geiger of Haddonfield, N.J.-based Touchdown Ventures would join Gooten as a board observer representing INX International. So far, the New York startup has raised $35.5 million from investors, including New York’s ff Venture Capital and Feenix Venture Partners.
“As the on-demand industry continues to see rapid adoption, our Series A round positions Gooten to continue to deliver a best-in-class on-demand order management platform,” said CEO Brian Rainey, who once ran Deloitte’s venture capital services practice in the Washington, D.C. area.
Disrupting Opportunity
“This capital will allow us to continue in our mission to address the high costs and economic and environmental issues of traditional inventory-based merchandising by increasing the adoption of on-demand manufacturing,” he added.
Gooten is poised not only to drive growth in the U.S. market but also eyes new partnerships in strategic markets like South Korea, Japan, India, Latin America, Brazil and Western Europe. It would also use the new funding to further develop its range of tools and services.
“Gooten’s innovative approach to order management aligns perfectly with our investment thesis,” said Jeff Parkinson, Gooten board member and partner at KEC Ventures. “The company’s commitment to leveraging technology and creating seamless, efficient processes has allowed it to build the largest on-demand manufacturing network in the world by capacity, servicing the largest brands, merchandising platforms, and the creator economy.”
Commercial Real Estate
MacKenzie Companies
Advertising / Media / Communications / Public Relations
Nevins & Associates
Financial Services / Investment Firms
Chesapeake Corporate Advisors
Commercial Real Estate
Monday Properties
Venture Capital
Blue Delta Capital Partners
Internet / Technology
Foxtrot Media
Growing Client Base
Gooten’s cloud native technology supports over 90 manufacturing facilities globally, and is used by over 10,000 businesses, including Fortune 100 retailers.
“The Gooten solution fills a unique gap in the market,” said Gooten president Maddy Alcala, who early in her career oversaw corporate strategy at BlackRock. It brings enterprise-grade software to the on-demand production industry, and promises to overhaul the traditional pick-pack-ship fulfillment model, she added.
Lead investor KEC has raised three funds totaling $165 million. It was started by a team of entrepreneurs and operators who “bring the lessons learned from building companies worth over $5B to our founders,” the firm says on its LinkedIn page. Its recent portfolio investments include RentSpree, Drive lah, Sanctuary and Aclaimant.
