Cymbio, a Tel Aviv, Israel-based startup providing a platform for market automation, today announced it has raised $ 20 million in Series B funding led by Corner Ventures with participation from Udi Angel, Vertex Ventures and Yuval Tal and other individual angel investors. The round brings the company’s total raised to $ 30 million at a “nine-figure” estimate, which CEO Roy Avidor says will be spent launching new products and improving existing products.
The pandemic has accelerated the growth of electronic commerce and, in particular, the growth of marketplaces. In 2021, online sales are expected to Account for 18.1% of retail turnover worldwide. The need for efficiency in orchestrating inventory, manufacturing and logistics has driven brands and retailers to âdrop-shipâ solutions, which offload fulfillment to third-party companies. But retailers who sell across multiple solutions and markets may experience issues connecting, operating support, and managing those channels, especially in light of supply chain issues.
Avidor, Mor Lavi, and Gilad Zirkel co-founded Cymbio in 2015 with the aim of addressing these e-commerce challenges. Avidor was senior advisor to the Israeli Minister of Industry, Trade and Labor. Lavi, a serial entrepreneur, was most recently CEO of social media analytics firm Virgo, and Zirkel led business development for search engine startup Delver.
âCymbio’s low-code integration platform, combined with the company’s product content automation capabilities, enables brands to reduce time to go online with markets and retailers, enables a at scale fast – eliminating long and tedious processes such as time-consuming manual integration, product upload, imagery adjustments, taxonomy and mapping, âAvidor told VentureBeat via email. “[Weâre] keen to create a world of connected commerce, where every brand can connect and collaborate with any retailer, market and supplier.
Connect retail channels
Cymbio’s platform integrates with brand and retailer systems, leveraging automation to manage setup, integration, and management of product data, images, inventory, orders, and more. Cymbio claims to enable things like real-time, cross-platform inventory and order updates by replacing manual tasks with preconfigured rules.
Cymbio customers get a product catalog showcasing their products, product images and product details relevant to their market partners. Information and prices are automatically updated and data is reformatted to meet the requirements of a retailer. All retailers can be managed from a single hub, including marketplaces, department stores and boutiques. And the inventory is updated in real time and sent according to each retailer’s formats and desired frequencies.
Cymbio also automates the return, shipping and cancellation processes. For example, it can create acceptance roles for orders or trigger refunds and notifications when returns are initiated by customers in marketplaces.
âOnce connected to Cymbio, the business decision-making process from starting a partnership with a retailer or market is immediate and does not require the time of the brand’s IT team,â said Avidor. “[T]he challenges that brands face in the new era of digital commerce … [me and the other founders to our] mission to effectively connect, adapt and automate the full cycle of digital retail operations for each brand, enabling advanced and consistent digital sales growth.
Cymbio has a rival in Channeladvisor. But to date, the 42-employee startup says it has signed more than 400 brands as clients, including New Balance, Steve Madden and Camper, and it plans to triple in size by the end of 2022.
VentureBeat’s mission is to be a digital public place for technical decision-makers to learn about transformative technology and conduct transactions. Our site provides essential information on data technologies and strategies to guide you in managing your organizations. We invite you to become a member of our community, to access:
- up-to-date information on the topics that interest you
- our newsletters
- Closed thought leader content and discounted access to our popular events, such as Transform 2021: Learn more
- networking features, and more
Become a member