Boxed Acquisition, Valuation, Funding & Investors
Boxed was acquired by MSG Distributors in August 2023.
Boxed acquisition price
Undisclosed
Acquired by MSG Distributors · Aug 2023
Boxed revenue
$42M
Series D · Aug 2018
Cumulative funding Boxed raised
$246M
across 5 funding rounds
Key investors in Boxed
Notable Capital
Eniac Ventures
Bessemer Venture Partners
FJ Labs
Greycroft
Social Starts
About Boxed
Boxed is a New York-headquartered e-commerce platform delivering bulk quantities of groceries, household essentials, and pantry staples directly to consumers across the United States. Established in 2013, it eliminates traditional warehouse club membership fees by providing access to oversized packaging from brands like Procter & Gamble, Clorox, and Kellogg's through its dedicated mobile application. The service covers items such as paper products, cleaning supplies, and snacks, with nationwide shipping options that mimic wholesale club pricing and variety for individual households.
Founded
2013
HQ
New York City, NYWebsite
Status
Acquired
Customer focus
B2C
Revenue model
Product sales
Revenue
$42M (Aug 2018)
Valuation
$600M (Aug 2018)
Boxed Acquisition
Boxed was acquired by MSG Distributors for an undisclosed price on 18 August 2023.
Before the acquisition Boxed had raised $246M across 5 funding rounds.
Boxed, an online retailer founded in 2013 specializing in bulk-sized pantry staples, household essentials, and consumables at wholesale prices without membership fees, filed for Chapter 11 bankruptcy in April 2023 amid a 15% year-over-year net revenue decline and $26.4 million quarterly net loss reported in November 2022. In January 2023, its board explored strategic alternatives including a sale due to cash shortages. On August 18, 2023, MSG Distributors, Inc., a regional distributor of consumables, household products, natural foods, and sports nutrition brands like PowerBar, RxBar, and Cellucor serving B2B accounts via facilities in New York, Florida, Texas, and California, completed an all-cash acquisition of Boxed.com, its intellectual property portfolios, affiliates, brand, and site from Boxed Inc.'s bankruptcy estate, with no financial terms disclosed. MSG aims to revitalize boxed.com by leveraging its distribution infrastructure for nationwide expansion, offering Boxed customers next-day delivery, reintroducing established household brands, and adding new items to meet grocery and home goods needs in both B2C and B2B markets. MSG President Mark Gadayev stated the deal strengthens inorganic growth and diversifies distribution models, preserving customer and vendor loyalty while enhancing processing capacity with patented warehouse innovations. The acquisition preserves service continuity for Boxed's vendors and brands while expanding MSG's e-commerce and fulfillment capabilities.
| Acquirer | Date | Type |
|---|---|---|
| 18 Aug 2023 | Strategic M&A |
Boxed Valuation
Boxed is currently valued at $600M, based on its Series D in August 2018.
The $111M round was led by AEON RETAIL, with participation from Gabriel Naouri, Alpha Square Group, Nomura, CDIB Capital and Daniel Schryer.
Boxed valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Aug 2018 | Series D | $600M | 14.3x |
Boxed Revenue
Boxed's latest recorded revenue is $42M, as of its Series D in August 2018. At a $600M valuation, that implies a 14.3x revenue multiple.
Boxed revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Aug 2018 | $42M | $600M | 14.3x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Boxed Funding History
Boxed has raised a total of $246M across 5 funding rounds.
Boxed's first fundraising round was a $1M seed round in August 2013. The most recent completed round was a $111M Series D in August 2018.
Boxed funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2018 | Series D | AEON RETAIL (lead); Gabriel Naouri; Alpha Square Group; Nomura; CDIB Capital; Daniel Schryer | $111M | $600M | Boxed is a New York-based e-commerce company founded in 2013 that delivers bulk-sized groceries and household essentials directly to consumers via a mobile app, offering warehouse club products without membership fees and emphasizing a discovery-based shopping experience with items like staples, health and beauty supplies, office pantry goods, and organic products. On August 21, 2018, Boxed raised $111 million in its Series D funding round led by AEON RETAIL (Aeon Co. Ltd., Japan's largest retailer by sales), with participation from Alpha Square Group, CDIB Capital, Gabriel Naouri, Daniel Schryer, and Nomura Holdings as placement agent, plus existing investors. The post-money valuation at the round was $600 million. Proceeds were intended to expand fulfillment operations, ramp up automation with in-house robotics for autonomous vehicles, increase national footprint, boost brand awareness, and collaborate with Aeon on logistics, robotics, AI-driven data usage, and Aeon's digital transformation. Boxed differentiates itself by developing its own software, operating fulfillment centers, and building automation robotics in-house, positioning it at the forefront of commerce fulfillment technology. The company was described as the 'Costco for millennials' and had introduced a paid membership plan prior to the round, with rumors of acquisition interest from Kroger and Amazon. Post-round, Boxed leveraged the Aeon partnership for knowledge sharing and later expanded into SaaS, providing e-commerce solutions to traditional retailers like Aeon in Malaysia in a deal worth several tens of millions of dollars. By 2021, Boxed had raised over $270 million total, improved margins approaching profitability, and seen demand growth during the pandemic, with total funding reaching about $365.9 million by then. |
| Jan 2016 | Series C | Jose Marin; Jorge Lim; FJ Labs; Amex Ventures; Deep Fork Capital; Essex Capital Corporation; Light Street Capital; Fabrice Grinda; Rainfall Ventures; Huangpu River Capital; Safa Partners; Notable Capital | $102M | - | - |
| Jan 2015 | Series B | DST Global (lead); Eniac Ventures (lead); Notable Capital (lead) | $25M | - | - |
| May 2014 | Series A | Greycroft (lead) | $7M | - | Boxed is a mobile commerce startup offering wholesale goods with 2-day shipping to U.S. customers, bypassing membership fees of warehouse clubs like Costco or Sam's Club. Launched in summer 2013, it operates warehouses on the east and west coasts stocking around 800 items each, focusing on name-brand bulk products discoverable via app recommendations. In May 2014, Boxed raised $6.5 million in a Series A round led by Greycroft Partners, with participation from First Round Capital, Signia Venture Partners, ENIAC Ventures, Social Starts, BoxGroup, former Facebook COO Owen Van Natta, and former Zynga COO David Ko. Greycroft's Kamran Ansari joined the board, praising Boxed's mobile design and national fulfillment network. Funds aimed to expand product range, scale operations, accelerate growth amid 100% month-over-month growth, and enhance delivery speed nationwide. |
| Aug 2013 | Seed | Eniac Ventures; Social Starts; Max Ventures; Basset Investment Group; Bessemer Venture Partners; Digital Entertainment Ventures (DEV) | $1M | - | - |
Who has invested in Boxed?
26 investors have backed Boxed across its funding rounds, including Notable Capital, Eniac Ventures, Bessemer Venture Partners, FJ Labs, Greycroft and Social Starts.
Lead investors include AEON RETAIL, DST Global, Eniac Ventures, Notable Capital and Greycroft.
Boxed Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| New York City, NY | 2 | Lead | Aug 2013 | |
| San Francisco, CA | 2 | Lead | Jan 2015 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Jose Marin |  Madrid | 1 | Participant | Jan 2016 |
| Jorge Lim | -- | 1 | Participant | Jan 2016 |
| San Francisco, CA | 1 | Participant | Aug 2013 | |
| New York City, NY | 1 | Participant | Aug 2013 | |
| New York City, NY | 1 | Participant | Aug 2013 | |
| New York City, NY | 1 | Participant | Jan 2016 | |
| New York City, NY | 1 | Participant | Jan 2016 | |
| San Francisco, CA | 1 | Participant | Jan 2016 | |
| Santa Barbara, CA | 1 | Participant | Jan 2016 | |
| New York City, NY | 1 | Lead | May 2014 | |
| San Francisco, CA | 1 | Participant | Jan 2016 | |
This data is available for Pro users. Sign up to see all 26 Boxed investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Boxed
Boxed has acquired 1 company to date.
Last acquisition by Boxed was on November 29th 2021. Boxed acquired MaxDelivery, LLC for undisclosed valuation.
Latest Acquisitions by Boxed
| Description | MaxDelivery is a New York-based online grocery delivery service operating in Manhattan that fulfills one-hour orders for over 10,000 supermarket, drugstore, wine, and specialty products. The company sources from partners like Fairway Market and Duane Reade, using proprietary routing software for rapid picking and dispatch. It maintains warehouses in Chelsea and Upper East Side with temperature-controlled vans for perishables. Launched in 2011, MaxDelivery emphasizes same-day reliability for urban consumers. |
| HQ Country | |
| HQ City | New York City, NY |
| Deal Date | 29 Nov 2021 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Boxed acquisitions and their M&A valuation multiples. Start Free Trial | |
Boxed Competitors
Boxed competitors include listed companies like THG, Bukalapak.com and Wish, and private ones like Fancy, Lamoda and Rue Gilt Groupe.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| New York City, NY | Private | - | - | $600M | - | |
 Moscow | Private | - | - | $577M | - | |
 United Kingdom | Publicly listed | $2.3B | $133M | $573M | 0.5x | |
| Boston, MA | Private | - | - | $560M | - | |
 Indonesia | Publicly listed | $367M | $139M | $544M | - | |
| United States | Publicly listed | - | ($31M) | $681M | - |
Boxed Public Comps
Boxed is no longer listed, but its public comps include Betterware de Mexico, Cars.com, THG, Dmall, Akso Health, DocMorris, Bukalapak.com, AO World, Wish and ASOS.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $829M | $152M | 1.2x | 1.1x | 6.6x | 5.4x | |||
| $723M | $157M | 1.4x | 1.4x | 6.5x | 4.8x | |||
| $2.3B | $133M | 0.5x | 0.5x | 9.2x | 9.7x | |||
| $332M | $21M | 1.6x | 1.5x | 24.8x | 20.8x | |||
| $14M | ($18M) | 46.5x | - | (35.1x) | - | |||
| $1.4B | ($73M) | 0.6x | 0.6x | (11.6x) | (23.8x) | |||
| $367M | $139M | - | - | - | - | |||
| $1.7B | $103M | 0.4x | 0.4x | 6.4x | 6.0x | |||
This data is available for Pro users. Sign up to see all Boxed competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Boxed
| When was Boxed founded? | Boxed was founded in 2013. |
| Where is Boxed headquartered? | Boxed is headquartered in New York City, NY, United States. |
| Is Boxed publicly listed? | No, Boxed was acquired by MSG Distributors in August 2023. |
| Who acquired Boxed? | Boxed was acquired by MSG Distributors in August 2023. |
| What is Boxed's valuation? | Boxed was last valued at $600M in its Series D in August 2018. |
| How much funding has Boxed raised? | Boxed has raised $246M across 5 funding rounds. |
| What was Boxed's last funding round? | Boxed's last funding round was a $111M Series D in August 2018, led by AEON RETAIL. |
| Who are Boxed's investors? | Boxed's investors include Eniac Ventures, Notable Capital, Jose Marin, Jorge Lim, Social Starts, Max Ventures, Basset Investment Group, FJ Labs, Amex Ventures, Deep Fork Capital and 16 others. |
| What is Boxed's revenue? | Boxed's latest recorded revenue is $42M (August 2018). |
| What is Boxed's revenue multiple? | Boxed's latest valuation implies a 14.3x revenue multiple ($600M valuation on $42M of revenue). |
| Which companies are comparable to Boxed? | Companies comparable to Boxed include Fancy, Lamoda, THG, Rue Gilt Groupe, Bukalapak.com and Wish. |
| How many companies has Boxed acquired? | Boxed has acquired 1 company, including MaxDelivery, LLC. |
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