Glopal, a UK-based cross-border ecommerce platform, has raised €20 million in a funding round led by European venture capital firm Level Equity. The company plans to use the funds to expand its services and grow its team.
Glopal was founded in 2015 and provides a platform for retailers to sell their products internationally. The platform handles everything from currency conversion to customs and tax compliance, making it easier for retailers to expand their reach globally.
The company has seen significant growth in recent years, with its platform now used by over 2,000 retailers across Europe and the US. Glopal's CEO, William Johnson, said the funding will help the company continue to innovate and improve its services.
"We're thrilled to have the support of Level Equity as we continue to grow and expand our platform," Johnson said. "Our goal is to make cross-border ecommerce as easy and seamless as possible for retailers, and this funding will help us achieve that."
Level Equity, which led the funding round, is a growth equity firm that invests in software and internet companies. The firm has previously invested in companies such as DocuSign, Bill.com, and Toast.
"We're excited to partner with Glopal as they continue to revolutionize cross-border ecommerce," said Sarah Sommer, a partner at Level Equity. "Their platform is already helping retailers expand their reach and grow their businesses, and we believe there's even more potential for growth in the years ahead."
The funding round also included participation from existing investors, including Downing Ventures and London Co-Investment Fund.
Glopal's funding round comes at a time when cross-border ecommerce is becoming increasingly important for retailers. According to a report by eMarketer, cross-border ecommerce sales are expected to reach $627 billion by 2022, up from $404 billion in 2018.
The report also found that retailers are increasingly turning to cross-border ecommerce as a way to reach new customers and grow their businesses. In fact, 57% of retailers surveyed said they plan to expand their cross-border ecommerce operations in the next year.
Glopal's platform is well-positioned to help retailers take advantage of this trend. By handling the complexities of cross-border ecommerce, the platform allows retailers to focus on what they do best: selling their products.
With its new funding, Glopal is poised to continue its growth and help even more retailers expand their reach globally. As cross-border ecommerce continues to grow in importance, platforms like Glopal will play an increasingly important role in helping retailers succeed in the global marketplace.
