business news in context, analysis with attitude

Today, the second and concluding segment in my conversation with Chieh Huang, the co-founder and CEO of Boxed, in which we chat about the singular insights he thought Boxed brought to ther marketplace when it was founded a decade ago … what he knows now that he wishes he'd known then … and what the driving insights will be that power the company's future.

If you'd like to download this conversation as an audio podcast, click below.


Postscript:

Boxed yesterday announced that it has "entered into a second lien secured term loan facility with a lender (the “Lender”) that provided $10 million of new funding to the Company at close. The new facility also provides for an additional $10 million in funding, subject to the completion of certain milestones in a process for the sale of the Company. Concurrently with the financing with the Lender, the Company entered into an amendment to its existing first lien debt facility with funds and accounts managed by BlackRock that, among other things, reduces the Company’s minimum liquidity covenant by $5 million."

KC's View:

This reads to me like a kind of bridge loan/investment that still has Boxed pursuing a sale, though it remains to be seen what kind of company might buy it.  (My bet remains on a sale that gives both Boxed and the acquiring company strategic advantages, as opposed to a purely cash-driven deal.)

The bridge financing isn't to be minimized, however - getting even $10 million in financing can be tough in the current environment.  And I'm glad that Boxed is getting what appears to be breathing room.