Flow, a logistics startup that helps companies with cross-border eCommerce solutions, has raised $37 million in a Series B funding round, according to a report.
Flow CEO Rob Keve said that because of advances in social media and the way things are marketed throughout platforms, it’s much easier for direct-to-consumer (DTC) brands to reach customers.
However, that doesn’t mean shipping to customers is as intuitive, especially when moving purchases from one country to another.
Shipping can be sluggish and costly, and certain sites might not be integrated with payment options that are familiar to consumers.
Keve said that’s why he and CTO Mike Bryzek started Flow, which is based out of Hoboken, New Jersey.
Flow is a platform that works on top of existing software and auto-tailors a person’s location to the shopping site, so they can deal with familiar payment options.
Also, Flow has built relationships with carriers with the goal of making cross-border shipping timelier and more affordable. Even if a business already has a shipping agreement, Flow will handle the logistics of the transaction.
Keve said Flow is seeing 200 percent growth year over year. It counts companies like MVMT Watches, MZ Wallace and Charles & Colvard as clients.
With the Series B funding taken into account, Flow has raised $55 million in total. The round was led by New Enterprise Associates (NEA), with American Express Ventures and Latitude Ventures also participating. NEA Venture Partner Liza Landsman, who was the former president of Jet.com, will join Flow’s board.
“Cross-border shopping is a rapidly growing area of eCommerce, and more companies are investing in their cross-border strategy to capture that international demand,” Landsman said in a statement. “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.”
Keve said his company understands the nuances of cross-border eCommerce. “There [are] services and knowledge that is very country-specific and even category-specific,” he noted. “That is always going to be a matter of consulting and advising and sharing best practices … We will continue to [invest] in that layer of expertise.”