Flow, a startup that helps companies sell their products around the globe, has raised fresh funding from Forerunner Ventures and Fung Capital. Forerunner and Fung participated in a $16 million Series A round that was led by Bain Capital Ventures and includes the Honest Company’s Brian Lee, Gilt’s Alexandra Wilkis Wilson and Alexis Maybank, and Zola’s Shan-Lyn Ma and David Tisch.
According to a report in TechCrunch profiling the startup, Flow created a platform that helps brands and retailers sell their products in multiple regions and geographies. Flow takes care of currency, local pricing, payments and shipping to provide the cheapest way for brands to get their products to merchant’s international customers. Rob Keve, founder and chief executive of Flow, said the company has five modules that retailers online can use. One module includes multicurrency pricing that enables online merchants to automatically price their good based on the local currency of its customers. Another module provides multiple international payment options for those operating in multiple regions and/or geographies. On the logistics front, Flow built a network of low-cost and fast shipping options for each region the merchant ships to. It also has a module focused on customs, duties and taxes associated with cross-border transactions and created an easy way for customers to return goods, which is hard to do when purchasing something overseas.
With the new funding, TechCrunch reported Flow hopes to tap both venture capitalist firms’ eCommerce connections. Forerunner has invested in a handful of retailers including Dollar Shave Club, Jet.com, Birchbox and Warby Parker, among others. Fung Capital is the VC arm of the Fung Family of Hong Kong, which has stakes in ecommerce and omnichannel brands, noted TechCrunch.
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Flow Lands M In VC Funding, Wants VC Insight