Zonos, an eCommerce startup based in Utah, closed a $69 million Series A funding round to continue boosting global cross-border commerce.
The funding round was led by Silversmith Capital Partners and counted with participation from individual investors like Eric Rea, co-founder and CEO of Podium, Aaron Skonnard, co-founder and CEO of Pluralsight, Austen Allred, co-founder and CEO of Lambda School, Josh James, founder and CEO of Domo, and David Elkington, founder of InsideSales.Todd MacLean, managing partner at Silversmith Capital Partners, said about the firm’s participation:
“We founded Silversmith to partner with entrepreneurs like Clint, who have lived their customers’ problems and are driven to solve them. That Zonos was able to bootstrap their way to this leadership position speaks to that understanding. It also speaks to the fact their solution helps customers capitalize on the inherent demand that exists in an increasingly borderless world. While their building blocks are data-driven APIs, at the end of the day, Zonos is in the trust business. That’s a great place to be and we are thrilled to be Zonos’ partner for the next phase of the journey.”
The new funding will be used by the startup to boost its efforts of bringing a high level of transparency and trust to global trade via its shipping-carrier agnostic cross-border solution. By using this new approach, the startup simplifies cross-border sales while easily integrating with its user’s existing infrastructure via APIs.
Product development, go-to-market strategies, and the expansion of its team. are some of the main objectives Zonos will focus on over the next months. This will allow the startup to sustain the growth it has experienced over the past year, which saw its team triple in size as demand for its services increased. Clint Reid, Founder and CEO of Zonos, referred to this success by stating:
“I am incredibly grateful for the team and what we have built with limited resources. We have always aimed to be a great company, not necessarily a big one.“
With the global eCommerce industry continuing to grow each day, with experts expecting it to reach $4.89 trillion in 2021, users are demanding increased transparency on their international transactions. The eCommerce startup believes it can fulfill this need by facilitating the upgrade of legacy solutions, allowing the quick transition toward a new model of good classification and total cost calculation.