US-based cross-border e-commerce tools provider Flow raised $37m in series B funding on Wednesday from investors including American Express Ventures, the corporate venture capital subsidiary of payment services firm American Express.
Venture capital firms New Enterprise Associates and Latitude Ventures also participated in the round.
Founded in 2015, Flow has developed artificial intelligence-driven software that enables brands to tailor e-commerce services to customers in overseas markets, leveraging tools such as localised payments, sales taxes and options for international shipping.
Clients set up the company’s platform to automatically account for the specifics of their cross-border supply chain. The series B proceeds will fund product development and a recruitment drive as it looks to expand in the US and Europe.
Flow closed a series A round led by Bain Capital Ventures, the VC arm of private equity firm Bain Capital, and backed by Fung Capital, an investment affiliate of supply chain firm Li & Fung Group, and VC firm Forerunner Ventures at $18.8m in September 2018.
The company has also named angel investors Brian Lee, Alexandra Wilson, Alexis Maybank, Shan-Lyn Ma and David Tisch as earlier backers.
Lindsay Fitzgerald, managing director of American Express Ventures, said: “As retail continues to evolve and more customers demand their goods from other countries, brands are recognising the international opportunity for selling cross-border.
“Flow’s platform helps retailers open up new sales opportunities and cater to a wider array of customers. Amex Ventures is pleased to support Flow in its future growth.”