Los Angeles-based NuOrder said it was infused with a new round of series B funding of $8 million, which the B2B e-commerce platform provider will use to fund “product development and innovation, as well as to scale customer success globally.”
The company also noted its transaction volume has reached $5 billion.
The latest round of funding was led by Argentum, and brings its total funding to $21.9 million. The company said existing investors also joined this round of funding and included Upfront Ventures, Greycroft Partners, Cowboy Ventures and Novel TMT & Box Group. “Argentum managing partner Walter Barandiaran joined the NuOrder board of directors as part of the investment,” the company added.
Heath Wells, cofounder and chief executive officer of NuOrder, said the point of differentiation with the platform is that it is “specifically designed for B2B.”
“It is mind-boggling how antiquated the B2B sales process is between brands and retailers,” Wells said. “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.”
The company said over 800 brands and “300,000 retailer buyers are currently using the NuOrder platform, which has transacted $5 billion in specialty store orders to date across verticals such as fashion and apparel, sports and outdoor, toys and kids’ and footwear.”
NuOrder said it will be leveraging this latest round of funding to “continue expanding into new industries and growing its product line to drive richer interactions and increase productivity for its customers.”
Barandiaran said the company has essentially “reimagined” the wholesale business model. “We see a strong upward trajectory of growth in the B2B e-commerce market,” he added.
For the second half of the year, NuOrder said the market can expect to see the release of new products “to further strengthen its support of specialty brands and increase efficiencies for both brands and wholesale buyers.”
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