Global-E files for Nasdaq IPO at over $1b valuation

Zehavit Cohen  / Photo: Rami Zarnagar, Globes

The Israeli company has developed an international e-commerce platform that allows cross-border purchases in over 100 currencies in 25 languages.

Israeli international e-commerce platform Global-E has filed a prospectus with the US Securities and Exchange Commission (SEC) to raise $100 million on Nasdaq. The Petah Tikva-based company did not mention the company valuation in the filing but it can be estimated that the company is worth more than $1 billion.

The underwriters supporting the offering are Goldman Sachs, Morgan Stanley, Jefferies, Piper Sandler, KeyBanc, JMP and Raymond James. Legal support is being provided by Meitar Law Offices and Gornitzky & Co.

Global-E has developed a platform, which it says removes obstacles in buying online from abroad. The platform allows communication with buyers in 25 languages and purchases in more than 100 currencies while calculating local sales taxes. Global-E claims that the better customer experience that the platform provides improves sales.

Global-E has 300 employees in Israel, the UK and other countries. 59% of Global-E's customers are in the UK and its activities in Israel represent 1% of its overall activities.

The company was founded by CEO Amir Schlachet, COO Shahar Tamari and CRO Nir Debbi. According to IVC, Global-E has raised $114 million in six financing rounds, the most recvent of which was last June.

Investors include Apax Partners AMI and Apax Israel CEO Zehavit Cohen sits on Global-E's board. Other investors include Red Dot Capital, Deutsche Post and Vitruvian Investment Partners.

According to the prospectus, the company has seen rapid growth since its platform was launched in 2013. Revenue in 2020 was $136 million, up 107% from 2019 and last year, Global-E swung to profit with a net profit of $7.9 million compared with a net loss of $7.5 million in 2019.

Published by Globes, Israel business news - en.globes.co.il - on March 9, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Zehavit Cohen  / Photo: Rami Zarnagar, Globes
Zehavit Cohen / Photo: Rami Zarnagar, Globes
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