Outerspace Raises $30M in Series B Funding Led by Prysm Capital

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May 05, 2022, 08:00 ET

A new frontier in third-party logistics.

NEW YORK, May 5, 2022 /PRNewswire/ -- Outerspace, a leading fulfillment partner for high-growth omnichannel consumer brands, today announced $30 million in Series B funding led by Prysm Capital with participation from existing investors. This round of funding brings the total funding raised by Outerspace to over $40 million since its inception in late 2019.

Outerspace was started in late 2019 by brand operators and investors Ricky Choi, Phil Moldavski, and Alexander Pessala, who all desired more out of the 3PL industry. Outerspace's operational and technology solutions allow brands to transform fulfillment and logistics from a cost center into a competitive advantage.

This growth capital will allow the company to add millions of additional square feet of space to its operations, and refine its technology product. Outerspace's fully integrated offering is currently used by dozens of large brands, and the company plans to continue selectively working with more best-in-class brands as it expands.

"Outerspace was built by a collective of brand founders and operators, and we've experienced every pain point of this archaic landscape first-hand," says Outerspace Co-Founder and CEO, Ricky Choi. "We believe frictionless fulfillment should be table stakes here, and it's our philosophy that a brand's fulfillment partner shouldn't just do the bare minimum. Instead, we act as a true extension of our clients' teams, and work hand-in-hand with them to scale their business using technology-driven solutions. This all ladders up to empowering our brands to do things their competitors cannot, and driving the best customer and internal ops team experiences in the world."

The investment team behind Prysm Capital, who led the Series B fundraise for Outerspace, has extensive experience with brand operations and infrastructure given their investments in Chewy.com, Rivian, Coupang, and Everly Health. "The blueprint that the Outerspace team has developed is truly differentiated," says Jay Park, Co-Founder and Managing Partner of Prysm Capital. "They have built a next gen 3PL that amplifies the message of their partner brands and has the potential to redefine an entire category. We look forward to partnering with this best-in-class team in their next phase of accelerated growth."

Alongside this Series B funding, Outerspace has also unveiled its new branding elements created in partnership with leading consumer brand agency, Red Antler. "We were thrilled to partner with Outerspace and breathe new life into a category in which historically, brand has been an afterthought," says Emily Heyward, co-founder and Chief Brand Officer of Red Antler. "Our objective was to celebrate Outerspace as a badge of success for leading companies, in order to ultimately reframe operations as an essential, premium investment–as important as, dare I say, branding. References to outer space — like the space dog logo, and illustrations that depict hero products floating in air — are a nod to the gravity-defying success Outerspace unlocks for its clients."

As brands face ongoing headwinds with supply chain challenges, marketing performance volatility, and more, Outerspace customers remain nimble and opportunistic. "The best brands in the world are realizing that operations are the heartbeat of their brand," says Ricky Choi. "We will continue to innovate and lean into this opportunity so that they have an operational partner who fuels their growth."

ABOUT OUTERSPACE
Founded in 2019 by Ricky Choi, Phil Moldavski, and Alexander Pessala, Outerspace provides high-touch operations for high-growth brands. By using Outerspace's fully integrated operational and technology solutions, brands can deliver out-of-this-world customer experiences and make operations a competitive advantage. Learn more at Outerspace.com.

ABOUT PRYSM CAPITAL
Prysm Capital, LLC is a growth equity firm that partners with disruptive, category-leading companies in the technology, consumer, and healthcare sectors. With a long-term and company-first perspective, Prysm helps management teams achieve their next level of growth.

SOURCE Outerspace