Zonos raises $69 million in Series A funding

I strongly believe businesses should bootstrap for as long as they can. For some companies, that could be forever; for others, that could be early in their journey — for Zonos, it was 12 years.

I have never been dogmatic about bootstrapping but do admire companies that are able to bootstrap for a long time. I also admire companies that raise money early and build something incredible. Regardless of the path taken, the odds are stacked against the founder and the success of the company.

Zonos has been extremely fortunate to bootstrap over the past decade. We have been able to write our own story, make vital pivots, and even move the company to St. George, Utah. I don’t know that we would be as great as we are today had we raised institutional money early on.

What’s changed?

We needed to move faster. Global trade is getting increasingly complex at an accelerated pace.

Brexit, USMCA, low-value tax laws, and other regulations have started coming at a faster pace over the past couple of years. We have almost tripled our team size since March 2020, profitably, but we still need to move faster. The funds raised will allow us to keep up with the demands of product development, go-to-market, and worldwide team expansion.

We finally found the right partner.

I vowed if Zonos ever raised money, the funding would come from a partner that shares my long-term vision. Creating trust in global trade is a daunting task — and will be a long and arduous journey. There is power in going long when you know you have something special and you can find a way to stick it out. We had multiple offers, but Silversmith Capital Partners believed in the vision and the long-term potential. I’m not looking to move on to the next thing. Zonos is here for good, and I am excited to continue to build the future of global trade technology.

What’s next?

Go from the API leader in cross-border to an API leader in any industry.

If we are serious about our mission to create trust in global trade, we need to lead out with technology and documentation that can bring transparency to the black box world of trade. Cross-border ecommerce is the industry we serve today, but our long-term view extends far beyond that. We are committed to creating trust and transparency in global trade.

Grow to become as diverse as the global markets we serve.

Great companies are inclusive and diverse. This is especially true for Zonos as we build an international solution that can be used in any country. We are building a product that impacts the entire world more than it impacts Americans. To create a better product, we need a diverse team of cutting-edge thinkers and doers from all around the globe. We are already expanding a remote international team and preparing to set up locations outside of the United States. We will see more of this coming soon!

Throughout this journey, we have aimed to be a great company, not a big one. If we build a great company, our product will be great, and our culture will be great. When you build a great company, customer retention, revenue growth, profitability, and impact are the by-products. We can only do this if we continue to prioritize building a great company over growth at all costs. Raising money with the wrong partner, or not having control could make this impossible. Silversmith is the right partner; they share my vision for the future, and we continue to maintain control. We will continue to write our own story, and it is going to be one of a kind.

Clint Reid
Founder and CEO

Read the press release: Zonos Series A funding announcement