NuOrder secures an additional $15 million in funding
B2B wholesale e-commerce platform NuOrder announced on Wednesday that it has received $15 million in Series C financing, funds that the company said it will put toward accelerating product innovation and growing its team.
The funding round was led by NewSpring and existing NuOrder investors Upfront Ventures and Argentum, and brings the company’s total financing up to $40 million to date.
NuOrder, which provides a platform for brands and wholesale buyers to communicate and make transactions, has been experiencing rapid growth recently and now serves over 1,000 brand customers and 400,000 retailers.
$16 billion worth of gross merchandise volume has been sold on the B2B wholesale platform to date, with half of this total achieved in the space of the last year alone. This figure equates to more than 212 million products that have been purchased on NuOrder through 3.25 million orders.
The platform caters particularly to brands and retailers operating in the apparel, footwear, outdoor, sports, home and beauty sectors, and is accessible on both computers and mobile devices.
The company, which was founded in 2011 and currently operates headquarters in LA and New York, has also seen strong international growth, with 38% of order volume now originating overseas.
Last month, NuOrder announced a first-of-its-kind deal with Nordstrom, which will see the department store chain move its buying process with supplier brands online via the platform.
“The wholesale industry is finally ready for a market disruption and NuOrder is in an incredible position,” said co-founder Olivia Skuza in a release. “We have invested heavily and built a leading product that has been adopted by the most reputable brands and retailers in the world. Moving B2B sales online has had a direct impact on our customers' bottom line, selling more products, reaching more buyers with less time and money, revolutionizing their wholesale strategy.”
The company further pointed out figures from Forrester that predict that US B2B e-commerce sales will reach $1.18 trillion by 2021, while more than $3 billion will be spent globally on technologies for B2B e-commerce.
“In the last decade, digital transformation has taken place in B2C channels while the B2B buying process has continued to remain antiquated, until now,” added Justin Nadile, NewSpring vice president. “The NuOrder platform offers a compelling value proposition and is rapidly becoming the industry-standard for wholesale buyers and sellers.”
Brands operating on NuOrder currently include Asics, Levi’s, Coach, Theory, Lacoste, Ted Baker and Cole Haan.
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