Leading B2B eCommerce Platform Raises Funds Based on Major Milestones and Rapid Growth
NuORDER, the leading B2B wholesale eCommerce platform, announced it has closed a $15 million Series C financing round, led by NewSpring and joined by existing investors Upfront Ventures and Argentum. NuORDER has raised a total of $40 million to date. The company will use this latest financing to continue defining the wholesale eCommerce market by further meeting customer needs, accelerating product innovation and growing its team.
NuORDER has witnessed unprecedented growth, exceeding more than 1,000 brand customers and 400,000 retailers that are making transactions on the platform faster than ever before. To date, $16 billion worth of gross merchandise volume has been sold on NuORDER, half of which took place in the last 12 months alone. NuORDER has facilitated 3.25 million orders, with more than 212 million products purchased through the platform.
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Additionally, NuORDER and Nordstrom announced a partnership this year that is the first of its kind for the industry, in which the retailer will use NuORDER to move their buying process online with its supplier brands.
“Our vision for solving the challenges brands and wholesale buyers experience has been realized,” said Olivia Skuza, co-founder, NuORDER. “The wholesale industry is finally ready for a market disruption and NuORDER is in an incredible position. 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.”
According to Forrester, by 2021, US B2B eCommerce sales are projected to reach $1.18 trillion, with more than $3 billion being spent globally on B2B eCommerce platform technologies. To address this market growth, NuORDER has created an industry leading solution that enables brands in industries including apparel, footwear, outdoor, sports, home and beauty to communicate and transact with wholesale buyers through a B2B eCommerce platform. NuORDER replaces outdated processes of using printed catalogs and static spreadsheets with a SaaS solution available anywhere and anytime on computers and mobile devices. The U.S.-based company boasts brands such as ASICS, Levi’s, Coach, Theory, Lacoste, Ted Baker and Cole Haan, and has grown internationally, with 38 percent of order volume coming from international brands and retailers.
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“In the last decade, digital transformation has taken place in B2C channels while the B2B buying process has continued to remain antiquated, until now,” said Justin Nadile, Vice President, NewSpring. “We’re excited to be partnering with NuORDER given the Company’s leadership position in the market and ability to define the segment going forward. The NuORDER platform offers a compelling value proposition and is rapidly becoming the industry-standard for wholesale buyers and sellers. With the technology developed to meet the complex needs of enterprise clients, the platform has application beyond current verticals and use cases. NewSpring is proud to partner with such a visionary team.”
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