Flow, a startup that helps brands and retailers build a cross-border e-commerce business, has raised $ 37 million in Series B funds.
CEO Rob Keve said that thanks to the magic of social media and digital marketing Many direct-to-consumer brands are reaching consumers around the world. However, the actual shopping experience for these consumers often leaves much to be desired – even if there are international call options, shipping is usually slow or expensive, and the site may not integrate with local payment services.
Keve Together with CTO Mike Bryzek, he founded the startup based in Hoboken, NJ, to solve this problem: Flow relies on existing e-commerce platforms so the buyer has the experience (whether or not this is a website, app or distribution) The "Buy" button will automatically be customized for your location offering local pricing and payment options.
In addition, international shipping should be punctual and affordable thanks to Flow's relationships with airlines. And even if a company already has international shipping and distribution centers, it can still manage the logistics through flow.
Founded in 201
With this new funding, Flow has raised a total of approximately $ 55 million. Series B was led by New Enterprise Associates with the participation of American Express Ventures and Latitude Ventures. Liza Landsman (former president of Jet.com), partner of NEA Venture, joins Flow's board of directors.
"Cross-border shopping is a fast-growing area of e-commerce, and more companies are investing in their cross-border strategy to capture this international demand," Landsman said in a statement. "Flow is a leader in the field and its platform offers strategic benefits to brands and retailers entering or expanding into international markets. Our team looks forward to supporting the rapid growth of Flow. "
Keve told me that Flow will use the money to expand its sales and marketing team and improve the product. For example, he said he wanted to further develop the artificial intelligence that Flow uses to classify products (required to calculate customs and tax costs).
He also said he wanted to expand Flow's service business. While it is important for the company to offer "a turnkey platform," the technology is also "tied" to Flow's know-how in terms of country strategies.
"There are services and skills that are very country-specific and even-specific," said Keve. "It will always be a matter of consultation and exchange of good practices … We will continue to invest in this level of expertise."