40Seas, an ‘Order Now, Pay Later’ cross-border digital financing platform, has declared its secured an extra $6m in its Seed funding.
This top-up brings their Seed funding tally from the earlier announced $11m in January to an impressive $17m.
The fresh injection of capital was contributed by new entrants in the form of Eminence Ventures and QED Investors. However, it wasn’t just the newcomers who showed faith in 40Seas’ promise; the company’s existing backers, Team8 and ZIM, were also part of this extended round.
Diving a bit deeper into what 40Seas delivers: the company operates at the confluence of B2B commerce and FinTech. Their groundbreaking platform presents a digital financing blueprint, primarily designed for SMEs actively participating in cross-border trade. Available as both an API and a standalone platform, 40Seas’ solution acts as a bridge, effectively catering to the needs of exporters desiring advance payment and importers who only wish to pay once their goods have been successfully sold. The icing on the cake is their AI-driven underwriting skill set which furnishes invaluable insights regarding both importers and exporters. These insights pave the way for comprehensive and customised financing solutions.
With eyes on the future, 40Seas intends to use this freshly procured funding for its ambitious U.S. and Asian expansion ventures. They believe that the added funds will significantly bolster their growth strategy for 2023 and beyond.
In addition to its monetary involvement, container liner shipping behemoth ZIM has decided to broaden its strategic alliance with 40Seas. This collaboration will enable ZIM to offer its vast global clientele an integrated and adaptable digital financing solution. This solution will substantially ease the weight of freight and inventory expenses during checkout, especially through its digital subsidiary Ship4wd.
40Seas Co-founder and CEO Eyal Moldovan remarked, “Less than six months after our initial Seed round, our existing investors Team8 and ZIM have doubled down on their financial backing. We’ve achieved this at a pronounced increase in valuation, which is a huge sign of confidence in our unique value proposition, especially given the current market conditions.
“We’ve also secured funding from two renowned investment groups in QED via their Seed fund and Eminence Ventures, which will help tremendously with our U.S. and Asian expansion. This round extension will provide us with a significant financial runway to execute a robust growth strategy in 2023 and beyond.”
Furthermore, Eli Glickman, President and CEO at ZIM, added, “At ZIM, we are very much aligned with the 40Seas mission to help SMEs overcome payment-related barriers to cross-border trade. Thanks to 40Seas’ flexible digital financing solution, our customers can now defer payment for freight charges for up to 90 days from the invoice date, giving them invaluable flexibility.”
Finally, ZIM has also made it public that they’ll be rolling out the 40Seas solution to their clients in a host of European countries, including France, Germany, Spain, and Italy, after its successful introduction in the U.S., Canada, and the UK.
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