As childhood best friends, Mor Lavi (Co-founder & COO), Roy Avidor (Co-founder & CEO) and Gilad Zirkel ( Co-founder & CTO) decided to start a company that helps consumers find the products they love, always in stock. Together, they developed a patent that makes this continuous discovery possible. Major brands were eager to participate in this initiative; however, they expressed an even stronger desire to control the distribution of their goods. The team decided to focus on this path and built the Cymbio we know today – the first BRAND-centric platform that enables brands to sell and manage on digital sales channels with all retailers and marketplaces.
Today, we’re proud to announce our Series A funding round of $7 million, led by Vertex Ventures, with participation by Yuval Tal (founder of Payoneer) and existing investors Udian Investments and Ron Zuckerman.
The funds will be used to scale R&D, sales, marketing and success teams in addition to growing the company’s global footprint (currently supporting brands and retailers in the US, Canada, Europe, Australia and Singapore).
THE INCREASE IN ECOMMERCE AND DROP IN BRICK & MORTAR RETAIL
For brands, no matter their size, today’s retail landscape requires them to manage dozens, if not hundreds, of digital sales channels. Setting up and connecting to each marketplace and navigating retailers’ systems and requirements, while also managing the daily operations with each channel, is a significant challenge and very time-intensive. The increase in eCommerce and drop in brick & mortar retail – a process accelerated by COVID-19 – has further forced brands to transition to a digital sales strategy. This transition requires brands to have efficient and timely marketplace and drop-ship integrations and the ability to manage operations at scale, allowing them to attract new customers across a variety of sales channels.
ONE HUB, ENABLING “PLUG & SELL”
We provide a platform to brands, such as Steve Madden, Marchesa, Camper, Micro Kickboard, and hundreds of others, that connects them directly to their retail partners, enabling a true “Plug & Sell” reality. Our technology automates all drop ship and marketplace operations for brands with any retailer, including the complete set-up, integrations, onboarding and daily management of streamlined product data, imagery, mapping, taxonomy, inventory syncing, orders, billing, tracking, returns, reports and more.
With brands and retailers using different systems and processes, the integrations and operations of brand-to-retailer connectivity have always been a struggle and a significant bottleneck for increasing sales channels. Each retailer requires unique specifications, which creates lengthy integrations, tedious manual work on product content, imagery and processes. With Cymbio, one quick connection instantly enables brands to start selling through a global retail ecosystem of hundreds of marketplaces and retailers.
A FUTURE OF CONTINUED GROWTH AND INNOVATION
Throughout 2020, Cymbio experienced rapid growth, increasing its customer headcount 12X, with brands of all sizes, from small to enterprise brands, in fashion, apparel, footwear, home, beauty, cosmetics, jewelry, kids, toys and more. Using Cymbio, customers cut the amount of time it takes to go live on a new marketplace by 91%, have experienced an average digital revenue increase of over 65% and an increase of 47% in average units sold. Cymbio currently supports more than 600 retailers, marketplaces and department stores across the US, Canada, Europe, and APAC.
“Cymbio is all about empowering brands and helping them grow. Our ability to connect with all systems and protocols supports brands with the needed speed to go live with multiple retailers, and our automation platform enables brands to support marketplace and drop-ship operations at scale,” said Co-founder & CEO Roy Avidor. “The growth that we have seen over the last year hints at the market need for a platform such as ours, and we are going to double-down on our efforts to help brands of all sizes reach their customers wherever they are.”
“We believe deeply that Cymbio’s technology will fundamentally change the game for brands that sell online, making long, cumbersome integrations a thing of the past,” said Emanuel Timor, General Partner at Vertex Ventures Israel. “More than just an incredibly disruptive technology – the Cymbio team is world-class, and we are excited to work together as partners as Cymbio ushers in a new reality for the online retail industry.”
“Cymbio is redefining a new category in eCommerce logistics, similar to what SAP and Salesforce did for ERP and CRM,” said Yoav Sebba, Managing Director of XT Hi-Tech and board member. “We supported this exceptional team from almost day one, and it’s great to see the hard work turning into happy customers, attracting new value and partners such as Vertex.”
WRAP UP
As the new funding propels us forward, we are incredibly grateful for our stellar team and dedicated Cymstars, and of course, our customers, partners and vendors who clearly see into the future of connected commerce – we are thrilled to be on this journey with you! ❤️