PayPal-backed Israeli startup Cymbio is seeking to more than triple the number of its customers in the coming year as the developer of the digital commerce platform has started to help brands sell inventory through online retail giant Amazon.
“We are targeting to more than triple the brands count for 2023 as we can now reach out to any brand who wants to sell inventory and offer them to start selling on Amazon,” Cymbio CEO Roy Avidor said in an interview with The Times of Israel. “If we’re looking at like two three years, down the line, the plan is for thousands of brands to use our platform.”
Cymbio announced on Tuesday that its marketplace and dropship automation platform now connects to Amazon to help its 400 brands — including AllBirds, New Balance, Lacoste, and Steve Madden — diversify their customer base and grow sales revenue. The digital sales platform already connects to over 800 marketplaces and retailers such as Macy’s, Dillard’s, Saks, Urban Outfitters, and Walmart.
Through the platform, brands can automate the entire online sales process on digital channels, such as onboarding and product listings, available-to-sell inventory, fulfilling orders and streamlining billing and collections.
“The integration with Amazon completes the last piece of the puzzle, further enabling our customers to grow revenue by automating the integration process for them on the world’s largest online retailer,” said Avidor, who co-founded Cymbio in 2015. “Over the past year we have grown into many other verticals, into brands of toys, home, kitchen, soaps, beauty and we also have a brand using our platform that sells toilet paper.”
“All of these new articles are super relevant to Amazon,” he added.
Back in March, US fintech giant PayPal made an investment in the developer of the e-commerce platform for an undisclosed sum, which came four months after Cymbio raised $20 million in a funding round led by Palo Alto-based firm Corner Ventures (formerly DAG Ventures).
Other Cymbio investors are Israeli businessman Udi Angel and Yuval Tal, co-founder of payments platform Payoneer; Chris North, former managing director of Amazon UK; and Jeff Weiser, former CMO at Shopify.
Ricky Ben-David contributed to this report.