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Cymbio, a startup developing a product that connects brands with markets, today completed a $ 7 million Series A round led by Vertex Ventures. The Tel Aviv, Israel-based company says the funds will be used to expand Cymbio’s presence in research and development, sales and marketing.
Brands manage tens to thousands of digital sales channels. Setting up and connecting to marketplaces as you navigate retailers’ systems and needs can be quite challenging, especially when you factor in the surge in e-commerce activity that resulted from the pandemic. According to the U.S. Department of Commerce, consumer spending increased 32.1% year over year in the fourth quarter of 2020 with U.S. retailers alone.
Founded in 2015 by childhood best friends Roy Avidor and Mor Lavi, Cymbio’s platform integrates with brands and retailers’ internal systems and leverages automation technology to facilitate the setup, onboarding and day-to-day management of product data, images, Take inventory, orders, and more. Cymbio claims to enable things like real-time cross-platform inventory and order updates by replacing manual tasks with pre-configured rules.
Cymbio customers receive a product catalog with their products, product images and product details that are relevant for their market partners. Information and prices are automatically updated and the data is reformatted to suit a retailer’s needs. All retailers can be managed from a single hub, including marketplaces, department stores and boutiques. The inventory is updated in real time and sent based on the formats and desired frequencies of each retailer.
Cymbio also automates return, shipping and cancellation processes. For example, acceptance roles can be created for orders or refunds and notifications can be triggered when customer returns are initiated on marketplaces.
“Our AI, data and normalization engine makes it easy for brands to map data, taxonomy and product attributes and synchronize them with a variety of retail data structures,” Avidor told VentureBeat via email. “One of the challenges for brands, retailers and marketplaces is the difference in the way they describe attributes like centimeters and inches, different sizes and colors. A brand may think of one category as shoes, but the marketplace has a different and more detailed categorization. With Cymbio’s AI engine, brands can get this job done instantly, getting brands up and running on an endless number of retailers and marketplaces. “
Cymbio claims to support more than 600 retailers, marketplaces, and department stores in the United States, Canada, Europe, and Asia Pacific. Shoe brand Camper, a Cymbio customer, said they saw a 67% year-over-year growth in wholesale sales via drop ship (where sellers take customer orders but keep no sold goods in stock) after launching the Cymbio platform and marketplaces. Melissa Shoes, another customer, says the average sales increased 70% while the average units increased 42% as the number of assortments increased 2.8 times.
“With retail going through challenging times, Cymbio offers a new approach to business partnerships between brands and retailers,” said Michele Levy, Founder and CEO of Melissa. “Your platform enables us to strengthen our sales capacities with each of our partners and at the same time generate mutual growth with low risk.”
The Payoneer founder Yuval Tal, together with the existing investors Udian Investments and Ron Zuckerman, took part in the Cymbio round with 38 employees. It is the company’s first ever public donation, bringing Cymbio’s total to $ 10.1 million.
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