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Richard Hong recover that while expanding his east - DoC sword of human being ’s personal care brands , gaining external customers was easy to do . The challenges came when trying to get the merchandise to them .
“ We find that logistics pack compliance , merchandise compliance and selling had no fix technology , ” Hong told TechCrunch . “ We had to build a lot of those capability in - family to be able-bodied to surmount . ”
Hong , working through his e - DoC companyPangaea Holdings , was able-bodied to scale to the point where a legal age of revenue — well into nine figures — was coming from alfresco of the United States .
Hong and his Pangaea co - founder Darwish Gani started thinking about how they could help other tocopherol - commerce business flourish internationally . Only not have to conquer the same obstacles .
Pangaea Holdings , educate men ’s personal care stain , raises $ 68 M , include nonage post from Eurazeo
In March 2023 , Hong and Gani spin around off the technology business enterprise intoOpenBorder , which lift $ 10 million in seed backing . At the time , the company had five merchandiser , and that has grow to almost 70 merchandiser in a year ’s time . It has also increase processing volume 10 times .
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OpenBorder ’s cross - border trade concept is elementary : Provide einsteinium - commerce merchants clamant access to outside customers through mechanization of sure logistical need .
Those admit shipping , trade , tax and duty compliance , product localization and international market place listings — all from one software platform . Merchants can also sell on Amazon and regional marketplaces with a two - day , Prime - similar experience , Hong say .
With the cross - border market being a $ 2 trillion chance , OpenBorder is not alone in working to address this need . For example , Nocnocis doing something standardised for merchants in Latin America , whileKeetais providing a way for prosperous cross - border payments .
Meanwhile , Peak XV Partners ( formerly Sequoia Capital Southeast Asia ) led the investing and was joined by Capital 49 and Harlem Capital . OpenBorder is using the capital on software exploitation , including partnership and stilted intelligence to find areas of cost reduction to ameliorate execution . The board also sum Pangaea investor Eurazeo , which has vast experience in the consumer merchant segment .
Many OpenBorder merchants bulge out at 4 % of gross coming from outside , but grow to 15 % or even 20 % . Pangaea was able to reach over 50 % of its tax income come from non - U.S. customer , and OpenBorder require to aid other merchants get there in just a few year , Hong say .
“ With us doing it , that tell us there is truly a potential for other merchant to get there , but the question is , “ What does it take to get there ? ” Hong tell . “ We have the obvious answer to that question and want to help every merchant admittance every consumer around the world . ”
We should all be yield more attention to the PDD - Alibaba rivalry
