E-commerce startup Global-e has raised $20 million in funding from Red Dot Capital Partners to accelerate its growth in Europe.

The company, which is headquartered in London with its main R&D centre in Israel, builds cross-border e-commerce solutions for retailers keen on doing more business overseas. The investment is the first for Red Dot Capital Partners, a new $150 million investment fund launched earlier this year by Singapore’s Temasek, that targets mature Israeli startups. Red Dot managing partner Zvika Naggan has joined Global-e’s board of directors.

The funds will be used to expand the startup’s work in high-growth markets like the UK, France, and Spain. It also plans to grow its London head office as well as its R&D facilities in Israel and Ukraine and increase its sales and operational offices across the continent.

Global-e was founded in 2013 and, according to its announcement, forecasts growth of 250% for the first half of 2016.

"There is an increasing opportunity for retailers of all sizes to take advantage of the potential growth that cross-border e-commerce can provide," said Global-e CEO and co-founder Amir Schlachet. "With emerging markets competing with Europe and the US, there couldn’t be a better time to start doing business in new overseas markets."

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