Tel Aviv-Based Cymbio Raises $20 Million In Series B Funding, Draws The Backing Of Ex-Amazon And Former Shopify Executives
Tel Aviv-Based Cymbio Raises $20 Million In Series B Funding, Draws The Backing Of Ex-Amazon And Former Shopify Executives
11/17/21, 8:00 AM
Location
Money raised
$20 million
Round Type
series b
Cymbio, a Tel Aviv-based startup has raised $20 million in a Series B round, which saw the participation of two new backers, Chris North, an ex-Amazon executive, and Jeff Weiser, formerly of Shopify..
Company Info
Location
tel aviv, tel-aviv district, israel
Additional Info
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. The company has built the infrastructure for the next generation of eCommerce, with a platform that uniquely supports brands’ growth,” said co-founder and general partner at Corner Ventures, Marvin Tien. “At the same time, we received many referrals from third party logistics and software vendors, which generated a network effect (where more brands brought more marketplaces, who brought more brands who brought more vendors to the Cymbio network) which helped us scale up quickly.”The company said that it has so far tripled its revenues in 2021, when compared to a similar period last year, and has grown its enterprise customers fourfold. “Cymbio is laser-focused on serving brands, enabling sales growth while relieving manual, error-prone, and time-consuming processes,” said Avidor, the startup’s CEO.