Tel Aviv-based Cymbio Raises $ 20 Million in Series B Funding, Backed by Former Amazon and Shopify Executives – TechCrunch

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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 drop-shipping automation platform, plans to use the new funding to increase its global presence 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.

“Cymbio is laser focused on serving brands, enabling sales growth while relieving manual, error-prone and time-consuming processes,” said Avidor, CEO of the startup.

“We 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 brand growth with additional product offerings, expanding partnerships and our global footprint.

Founders of Cymbio

From left to right: Roy Avidor, co-founder and CEO; Gilad Zirkel, co-founder and CTO; Mor Lavi, co-founder and COO. Image credits: Cymbio

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 “actionable data analytics and improve its low-code integration capabilities,” which will allow brands to easily connect with hundreds of retailers and marketplaces with just a few clicks.

“Cymbio’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, ”said 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 implementation, the ability of retailers to meet sales and margin forecasts.

Cymbio takes care of the end-to-end management, including product listing, inventory integration, tracking and returns.

“All the brand has to do is start working with any retailer and then Cymbio does the rest. Over the past 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 through their drop-shipping programs or their markets, ”Avidor told TechCrunch.

“At the same time, we received many referrals 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 rapidly. . “

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 he currently supports include New Balance, Steve Madden, and Authentic Brands Group.

“With 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 “outsourcing” all market and brand drop shipping needs, ”said Avidor.

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