- Flow, a cross-border e-commerce solutions company, announced that it has raised $37 million in Series B funding
Flow ― a company that enables brands and retailers to build cross-border e-commerce businesses ― announced it raised $37 million in Series B funding, according to TechCrunch. Including this round of funding, Flow has raised $55 million in total. The Series B round of funding was led by New Enterprise Associates with participation from American Express Ventures, and Latitude Ventures.
Flow CEO Rob Keve credits social media and digital marketing for helping drive direct-to-consumer models to reach consumers around the world. But the shopping experience has a lot of room for improvement especially when it comes to international purchases as shipping tends to be expensive and slow. Plus services often lack integration with local payment services.
Keve told TechCrunch that he founded the company with CTO Michael Bryzek to fix that problem. Flow integrates on top of existing e-commerce platforms so that the experience of the shopper is personalized based on their location with local pricing and payment options.
And Flow has a relationship with carriers so international shipping will be faster and more affordable. Businesses that already have deals for international shipping can utilize Flow for managing the logistics.
Launched in 2015, Flow has been seeing 200% year-over-year client growth with customers like MVMT Watches, MZ Wallace, and Charles & Colvard.
In conjunction with this round of funding, NEA Venture Partner Liza Landsman is joining the Flow board of directors. Landsman is the former president of Jet.com and former chief marketing officer of E*TRADE.
“Cross-border shopping is a rapidly growing area of e-commerce, and more companies are investing in their cross-border strategy to capture that international demand,” said Landsman. “Flow is a premier vendor in this space, and their platform delivers strategic advantages for brands and retailers entering or expanding into international markets. Our team is excited to support Flow’s rapid growth.”
Flow will be using the funding to expand its sales and marketing along with improving the product. This includes the advancement of the AI that Flow uses for classifying products ― which is necessary to calculate duty and taxes. And Flow plans to continue building up its services business.