PayPal Ventures, the venture capital arm of the financial services provider PayPal, recently invested in Cymbio, a prominent marketplace and dropship automation platform.
The announcement from Cymbio comes a few months after the company raised $20 million in its Series B funding round. The platform has seen a boom in demand for its services during the last few quarters. Through the recent investment from PayPal Ventures, Cymbio is planning to expand its capabilities.
The company’s expansion plans include financial services offerings for a broad range of brands on its platform slated for the second quarter of 2022.
"PayPal Ventures' investment in Cymbio reflects the important role that Cymbio plays in enabling brands to shift to a multi-channel commerce model," said the CEO, Roy Avidor, who co-founded the company along with Mor Lavi and Gilad Zirkel.
"This investment will support Cymbio in the next stage of our journey as we continue to help brands accelerate their digital sales growth by connecting them to a global retail ecosystem. We are grateful for the opportunity to work with the PayPal Ventures team, and we are excited to start enabling our customers with the financial tools needed to run efficient drop ship and marketplace operations,” Avidor added.
PayPal Ventures
In the past 12 months, PayPal Ventures has invested in a wide range of companies to enhance its portfolio. In July last year, the venture capital arm of PayPal joined the $40 million funding round of Cobalt, the UK-based technology firm.
"Cymbio shares our ambition to support businesses of all sizes in expanding their digital commerce operations. Multi-channel selling is one of the most effective ways for brands and merchants to reach more consumers and increase sales," said Phil Valka, the Senior Director of PayPal Ventures. "We're excited to invest in an innovative solution that solves customers' pain points around data integrations, thereby unlocking further growth opportunities."
