(Image Source: Tech Crunch)
Zonos raised $69 million in a Series A funding round led by Silversmith Capital Partners. They provide APIs that automatically categorize goods and calculate accurate final costs on international purchases.
“Businesses can’t know all of a country’s laws. Our mission is to create trust in global trade. If you are transparent, you bring trust. This was traditionally thought to be a shipping problem, but it is really a technology problem.” founder and CEO of Zonos, Clint Reid said.
The cross-border e-commerce market was valued at $400 billion in 2018 but its growth rate doubled the rate of domestic e-commerce, which promises a great opportunity for companies like Zonos.
Although Zonos’ plugin and add-ons do not directly give retailers additional profit, they significantly improve customer experience with pricing and shipping information provided upfront. A small investment from retailers can increase lifetime value with customers.
The new fund will be allocated to develop products and further expand into Europe and the Asia Pacific.
“We can’t just accept that we are good enough, we need to be better at doing this. We are looking at expanding into additional markets because it is more than just servicing U.S. companies, but need to be where our customers are.” according to Reid.