HOBOKEN, N.J.--(BUSINESS WIRE)--Flow, a pioneer of the next generation for cross-border commerce, today announced it has completed a $16 million Series A financing round led by Bain Capital Ventures with new investments from prominent retail industry firms Fung Capital, the investment arm of the Fung family in Hong Kong, and Forerunner Ventures, the expert investor in digital brands.
“The team at Flow has created a powerful platform designed to revolutionize the global e-commerce process which has largely remained cumbersome and intimidating for both merchants and consumers,” said Kirsten Green, founder and managing director of Forerunner Ventures, which counts Birchbox, Bonobos and Warby Parker among its portfolio companies and was an investor in both Jet.com and Dollar Shave Club. “By removing the challenges typically associated with international e-commerce, Flow is well-positioned to be an industry game changer and reshape global commerce,” added John Seung, Managing Partner at Fung Capital, a venture capital firm focused on investing in retail technology startups such as Olapic, HookLogic, Tulip and Celect.
Founded by a pair of global retail technology leaders Rob Keve and Mike Bryzek, Flow’s cloud-based software solution uses artificial intelligence and virtualization to remove the challenges facing cross-border commerce, addressing key requirements such as multi-currency pricing, cost efficient and rapid shipping, international payment options, well-defined taxes and duties, and simple returns. Consumers enjoy a localized shopping experience that mirrors shopping from a domestic merchant.
“We are thrilled to partner with such a prestigious group of investors, whose collective track-record with and experience of building powerful new disruptive technologies and brands in the retail space will be instrumental as we work to eliminate friction for merchants and uncertainty for consumers when shopping internationally,” said Rob Keve, Co-Founder and CEO of Flow.
In addition to the Series A funding, Flow’s investors include some of the most notable industry entrepreneurs including Brian Lee (The Honest Company), Alexandra Wilkis Wilson (Gilt, Glamsquad), Alexis Maybank (Gilt, Project September), Shan-Lyn Ma (Zola) and David Tisch (Spring).
Flow is a global commerce platform that enables brands and retailers to sell their products to customers internationally by creating a localized shopping experience. Flow automates and simplifies every aspect of the international e-commerce process for its customers, removing the challenges facing cross-border commerce by offering benefits such as multi-currency pricing, cost efficient and rapid shipping, international payment options, well-defined taxes and duties, and simple returns. Brands and retailers use Flow's cloud-based software solution to better manage cross-border logistics, to reach a broader international customer base and to enhance the customer experience. For more information, visit http://www.flow.io/
About Forerunner Ventures
Forerunner Ventures is an early-stage venture capital firm dedicated to partnering with ambitious entrepreneurs who are addressing the challenges and opportunities of today’s changing commerce landscape. The San Francisco-based firm leverages a unique thesis-driven approach to investing by pairing extensive retail expertise and a deep knowledge of changing consumer behaviors with brand building and focus on customer experience to successfully identify strong leaders and guide them in their efforts to build disruptive and meaningful companies. Forerunner Ventures is the only VC firm to invest in both Dollar Shave Club and Jet.com, two of the biggest and highest-profile e-commerce exits in recent years, and includes Away, Birchbox, Bonobos, Glossier, Hotel Tonight, and Warby Parker among its growing list of portfolio companies. For more information, please visit http://forerunnerventures.com/
About Fung Capital
Fung Capital is the investment arm of the Fung family in Hong Kong which separately controls the Fung Group that sources, distributes, and retails consumer products globally. The Fung Group of companies include Li & Fung, Global Brands Group, and Fung Retailing, with about US$25 billion in revenues and 45,000 employees in over 40 countries. Fung Capital invests in B2B technology companies that enable omni-channel retailing and improve supply chain efficiency.