Although many global websites usually offer lower prices than their overseas counterparts, there are still some customers who prefer shopping on local websites that include the final price of the product, taxes, and localized payment options. The Israeli startup Global-e, which allows global retailers to provide their customers with a localized shopping experience, announced on Monday that it successfully raised approximately $20 million in a financing round led by Red Dot Capital Partners.
Provides international websites with local e-commerce experience
Global-e has developed a system that enables global retailers to appeal to crowds all over the world by adjusting and customizing their different systems to the target audience in each country. Among other things, the system adjusts functions such as browsing and searching the website, matching the system’s shopping cart, payment options and local clearance in each country, calculating exchange rates, customs duties, and other taxes in providing the customer with a final price, localized logistics and freight forwarding systems, and scam and identity theft protection. It is based on a revenue share model, which means it collects a certain percentage of all transactions that occur through its platform.
Global-e was founded in 2003 by Shahar Tamari, who now serves as its COO, and two former executives at Bank Hapoalim; CMO Nir Debbi and CEO Amir Schlahet. Since its inception, Global-e has raised a total of $30 million, with the latest funding round led by Red Dot Capital Partners, which is a part of Temasek Holdings, an investment company owned by the Singaporean government. The company’s private investors include Gigi Levy-Weiss, who is also on the company’s Board of Directors, and Evelyn Cohen, the CEO of FedEx Israel.
Global-e currently has over 200 clients who serves about one billion customers worldwide. Companies such as Astley Clarke, Griffin, F18, LR Direct, and illamasqua are among its clients.
The company has offices in the UK, France, and Spain and R&D centers in Israel and Ukraine.