Tel Aviv-based Cymbio Raises $ 20 Million in Series B Funding, Backed by Former Amazon and Shopify Executives – TechCrunch
Cymbio, a Tel Aviv-based startup, raised $ 20 million in a Series B funding round, which saw the participation of two new backers, Chris North, a former Amazon executive, and Jeff Weiser, formerly of Shopify.
Funding was led by Corner Ventures, with participation from Udi Angel, Vertex Ventures and Yuval Tal, founder and chairman of Payoneer.
Cymbio, a B2B dropshipping automation platform, plans to use the new funding to grow its global footprint by establishing an office in Europe and expanding its team in the United States.
The company was founded in 2015 by Roy Avidor, Mor Lavi and Gilad Zirke, driven by their passion for e-commerce and an awareness of the challenges facing brands and retailers in digital commerce. The platform was designed to connect brands with retailers and / or marketplaces.
âCymbio is laser focused on serving brands, enabling sales growth while relieving manual, error-prone and tedious processes,â said Avidor, CEO of the startup.
âWe are honored and delighted to work with so many pioneering operators and visionaries, and to join together on our mission to create a world of connected commerce. This next step allows us to continue to innovate and support the growth of brands with additional product offerings, expanding partnerships and our global footprint â.
Today’s new funding announcement comes about seven months after the startup raised $ 7 million in a Series A round, which the company used to expand its sales and marketing team, and its technology.
Cymbio also plans to add new offerings to its core automation platform to extend âactionable data analytics and improve its low-code integration capabilities,â which will allow brands to easily connect with hundreds of retailers and marketplaces with just a few clicks.
âCymbio’s tech stack is shaping the future of brands that sell online. The company has built the infrastructure for the next generation of e-commerce, with a platform that uniquely supports the growth of brands, âsaid Marvin Tien, co-founder and general partner of Corner Ventures.
The platform was designed to help brands sell on any e-commerce platform, with the goal of increasing their visibility and targeted sales. For maximum benefit, before listing, brands should first establish the cost of set-up, the ability of retailers to deliver on sales, and margin projections.
Cymbio takes care of the end-to-end management, including product listing, inventory integration, tracking and returns.
âAll the brand has to do is start working with any retailer, then Cymbio does the rest. In the last few months we’ve had positive winds when the retailers and the markets we support started to introduce us to the brands they wanted to sell on their dropshipping programs or markets, âAvidor told TechCrunch.
âAt the same time, we received many recommendations from third-party logistics and software providers, which generated a network effect (where more brands brought in more markets, which brought in more brands that brought in more of suppliers to the Cymbio network) which has helped us to grow quickly. . “
The company said it has so far tripled its revenue in 2021, compared to a similar period last year, and quadrupled its corporate customers. The more than 400 brands it currently supports include New Balance, Steve Madden, and Authentic Brands Group.
âWith the rise of marketplaces (most large retailers today operate a marketplace or drop-shipping program), brands have to comply with individual retailer requirements, some of which are very difficult to meet. Cymbio supports hundreds of retailers and has become the go-to solution for âoutsourcingâ all of brands’ market and drop shipping needs, âsaid Avidor.