[August 15, 2017] |
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NuORDER Closes $8 Million in New Funding, Further Solidifying the Company's Leadership Position in B2B eCommerce
NuORDER,
the leading B2B eCommerce platform, today announced that it has recently
closed $8 million in series B financing led by Argentum, bringing the
company's total funding to $21.9 million. The new capital will be used
to fund product development and innovation, as well as to scale customer
success globally. Argentum is joined by existing investors Upfront
Ventures, Greycroft Partners, Cowboy Ventures, Novel TMT & Box (News - Alert) Group.
Argentum managing partner Walter Barandiaran joined the NuORDER Board of
Directors as part of the investment.
"At NuORDER, we are revolutionizing wholesale between brands and
retailers by providing a cloud and mobile eCommerce experience that is
specifically designed for B2B," said Heath Wells, Co-Founder and CEO,
NuORDER. "It is mind boggling how antiquated the B2B sales process is
between brands and retailers. We eliminate the time, errors and
frustrations of pen, paper and the fax machine, enabling brands to sell
more with less effort and allowing retailers to acquire the specific
inventory they want and need 24/7 from any client brand globally."
2016 was a highly successful year for NuORDER, marked by very strong
growth and turning cash positive. More than 800 brands and 300,000
retailer buyers are currently using the NuORDER platform, which has
transacted $5 bilion in specialty store orders to date across verticals
such as fashion & apparel, sports & outdoor, toys & kids and footwear.
The company will utilize the investment to continue expanding into new
industries and growing its product line to drive richer interactions and
increase productivity for its customers.
"NuORDER has reimagined wholesale for brands and retailers who have
never been more eager to grow and differentiate themselves," said Walter
Barandiaran, Managing Partner, Argentum. "We see a strong upward
trajectory of growth in the B2B eCommerce market and we are thrilled to
partner with founders Heath Wells and Olivia Skuza, as well as our
co-investors, to accelerate NuORDER's leadership in this market."
In June, Forrester (News - Alert) Research reported that the U.S. B2B eCommerce market
was valued at $777 billion, comprising 9.7 percent of all B2B sales, and
estimates that the market will reach $1.2 trillion by 2021. This growth
in B2B eCommerce is due in large part to a dramatically changed B2B
buyer, who is now taking a digital-first approach to discovering brands
and making purchases.
During the second half of 2017, NuORDER will release new products to
further strengthen its support of specialty brands and increase
efficiencies for both brands and wholesale buyers. To learn more about
NuORDER, please visit: http://www.nuorder.com/
*Research Report Source (News - Alert): Forrester Research, US B2B eCommerce Will
Hit $1.2 Trillion By 2021 Landscape: The B2B eCommerce
Playbook, June 5, 2017.
About NuORDER NuORDER has been dedicated to helping
businesses increase their B2B sales since 2011 and currently empowers
B2B eCommerce sites for over 800 vendors and 300,000 buyers. NuORDER
provides sales teams and buyers one central place to browse products and
catalogs, access up-to-the minute sales and inventory data, and place
orders from their computer or our mobile app - 24/7/365. NuORDER is
flexible and scalable, with a rich feature suite to support any business
- regardless of whether you're selling designer jeans, consumer
electronics or beauty products. Visit us at NuORDER.com
for more information.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170815005321/en/
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