- The round was led by Aeon Co., a Japanese retail giant that is considered one of the largest in Asia.
- Boxed is an e-commerce site that sells goods in bulk, earning it the nickname "the Costco for millennials."
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Boxed, the 'Costco for millennials,' just got supercharged by the Walmart of Japan
Boxed, the Costco for millennials, has snagged a sizable investment led by Japanese retail giant Aeon. The startup will get cash to expand, and Aeon will draw on Boxed's
Boxed has taped up another round of funding.
The online seller of bulk items, sometimes referred to as the "Costco for millennials," has closed on a funding round totaling $111 million, the retailer announced on Tuesday. The round was led by Aeon Co, a Japanese company that has become one of Asia's biggest retailers.
In a press release, Boxed said that Aeon is Japan's largest retailer by sales and has become one of the country's largest seller of fresh grocery items. Aeon operates large, Walmart-like stores in Japan, where they sell both food items and other goods.
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Aeon says it will leverage the investment in Boxed to execute a "digital shift," sharing information on logistics, robots, and data analysis.
The investment from Aeon was announced in April, but no numbers were revealed at the time. The investment makes the company one of the largest shareholders in Boxed, according to the Wall Street Journal. As part of the round, Alpha Square Group, CDIB Capital, Gabriel Naouri, and prior investors also contributed investment.
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