Cross-border eCommerce vendor, Global-e, has secured $20 million investment to grow its business in Europe.

Established in 2013, Global-e provides cross-border localised solutions for e-tailers in over 200 destinations globally. Its retail portfolio includes Crabtree and Evelyn, Astley Clarke, Illamasqua, and Griffin Technology.

Global-e is the first company to secure funding from Red Dot Capital Partners – a Temasek Holdings funded growth stage capital fund. The $20 million will be used to accelerate business growth in markets including UK, France, Israel, Ukraine and Spain.

Currently, Global-e is forecast to grow 250% year-on-year in the first half of 2016, while these figures are expected to double by the end of the year. Meanwhile, the cross-border eCommerce market is expected to reach $1 trillion by 2020, accounting for 30% of global sales.

Amir Schlachet, CEO and co-founder of Global-e, said: "There is an increasing opportunity for retailers of all sizes to take advantage of the potential growth that cross-border eCommerce can provide. With emerging markets competing with Europe and the US, there couldn’t be a better time to start doing business in new overseas markets. With this investment we plan to grow our cross-border eCommerce services further while expanding our teams in the UK, France, Spain and other European markets. Securing this funding from one of the world’s most established investment funds is a significant step for Global-e and we’re excited about the opportunity to work together with the highly experienced team of Red Dot throughout this next phase in our journey."

Zvika Naggan, managing partner at Red Dot Capital Partners, added: “In just three years Global-e has grown rapidly and is now delivering impressive returns for a growing number of retailers in the UK and across Europe. Global-e is poised for further growth due to its unique offering for retailers seeking cross-border eCommerce solutions and the increasing numbers of consumers shopping with online retailers abroad. With backing from Red Dot, Global-e is in a great position to take advantage of the huge market opportunity."

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Global-e