On Monday, 36Kr reported that Shopastro, a full-link service provider for Chinese brands operating in overseas markets, has recently received over $10 million in round-A financing. The leading investors were GL Ventures and a major US dollar fund, while its angel round investors, Blue Lake Capital and Shenjin Capital, also joined in this round.
The new capital is mainly to be allocated for talent introduction, improvements to its operations and services team, and national market development. The company plans to continuously build its intelligent marketing products, including by accumulating data, constructing better models, delivering more intelligent marketing strategies and more.
Cross-border e-commerce has been booming in the past two years, and infrastructure construction has progressively improved. As Chinese supply chains mature, going abroad is no longer a trend that relies on the advantage of low prices, but rather a stage in which brands come into play.
Founded in 2021, Shopastro provides one-stop solutions for brands seeking to expand their business overseas through independent software-as-a-service (SaaS), and helps merchants refine their operations and improve traffic conversion rates with big data and AI technology. Shopastro is headquartered in the eastern Chinese city of Hangzhou, and also has branches in Yiwu, Shenzhen and Xiamen. It has served more than 100 major enterprise customers.
Specifically, Shopastro is capable of delivering products in two main areas. First, it provides a complete e-commerce transaction system. Second, it creates a marketing SaaS system with Baijing Zhineng. With AI algorithms and big data, it can generate high-conversion materials matched with suitable market areas, media, target demographics, and more, which can be configured according to the seller’s category and positioning.
Shopastro’s founding members were once senior executives at Alibaba, ByteDance and Baidu, and its core staff have been engaged for over a decade in product R&D, operations and commercialization of cross-border e-commerce, payment and SaaS.
Chen Haohui, a partner of Blue Lake Capital, said: “There is huge growth space for Chinese merchants in cross-border independent stations. The GMV share of e-commerce independent stations in Europe and the US accounts for about 20% of the whole e-commerce market. Yet, Chinese sellers, as the main force of European and American e-commerce, only account for about 2 to 3 percent of the independent stations, leaving room for further penetration.”