Core Insights - The article highlights the emergence of cross-border e-commerce ecosystem service providers as the new "water sellers" in the current "new gold rush" of overseas expansion, similar to the historical gold rush in the 1850s [1] - By September 2023, there were at least 33 financing events for global cross-border e-commerce ecosystem service providers, marking a 74% year-on-year increase compared to the previous year [1][2] - The investment enthusiasm in the cross-border e-commerce ecosystem service sector remains high, with both AI-driven new service providers and traditional service providers receiving significant capital support [1] Financing Overview - In the first three quarters of 2025, there were at least 33 financing activities in the cross-border e-commerce ecosystem service sector, involving 32 overseas enterprises and two IPO events [2] - Nearly half of the financing projects were billion-level, with growth-stage companies being the most favored [2] Financing Events by Type - The financing events included various service types such as platforms, marketing, operations, logistics, financial payments, and customer service [2] - The financing events were distributed as follows: 7 in Q1, 9 in Q2, and 17 in Q3, indicating a rising trend [8] Financing Scale - The financing in the first three quarters was primarily in the million/multi-million and billion-level categories, with 14 instances of multi-million financing and 11 instances of billion-level financing [10] - The largest financing events included Airwallex at $300 million, Whatnot at $265 million, and ManyChat at $140 million, all exceeding 1 billion RMB [10] Investment Trends - Growth-stage companies (Pre-A, A, B, and C rounds) accounted for over 50% of the financing events, indicating a preference for more established firms over early-stage startups [12][14] - Marketing and logistics service providers were the primary focus of capital investment, with marketing services leading with 11 financing events [16][18] Emerging Concepts - New concepts such as AI Agents and flexible fulfillment are gaining traction in the cross-border e-commerce ecosystem, driving efficiency and innovation [26] - The rise of stablecoin payments is also noted, with companies like KUN and ApexPay developing systems for cross-border e-commerce [29][31]