Announcing our Series A funding round
Announcing our Series A funding round
We're excited to announce that we've secured $17m in Series A funding led by Menlo Ventures with participation from Sierra Ventures, in our first ever equity raise. We're also delighted to welcome Menlo partner Steve Sloane who joins our board of directors.
Over the past two years, Enable customers have set up thousands of B2B rebate deals on over $30bn of sales and purchases, and have invited more than 2000 of their trading partners to our platform to review and collaborate on those deals.
Customers include distributors, buying groups and retailers from across USA, Canada and Europe. Every customer has realized how they can enhance their profitable relationships and growth opportunities by using our collaborative SaaS platform to become a seamless extension of their trading partners' businesses.
Andrew Butt, co-founder and CEO comments, “Having demonstrated positive early traction with our product whilst bootstrapping, now is the perfect time to secure venture capital funding to start scaling the business and extending our reach.
Enable is the SaaS pioneer for the deal economy -- over $1 trillion of rebate funds that are poorly managed and executed -- to enhance profitable sales through the supply chain. We help companies acquire, retain and better serve their customers by working collaboratively with their trading partners using intelligent joined-up plans and incentive programs.”
Using our product means our customers have more accuracy in their data. This in turn means they can make better trading decisions faster, choosing how and where to focus their sales efforts in terms of products, customers and locations. Customers also benefit from a central deal repository and a robust audit trail.
Building on our great foundations, this Series A will help us achieve three core goals:
1. Increase impact
We've tripled our customer base in the last 12 months, but we're still only processing a tiny fraction of B2B deals in North America and Europe. We're driven to liberate teams across many more companies in numerous vertical markets, and this funding will allow us to significantly broaden our reach, ensuring many organizations benefit from our product.
2. Grow the team
The expertise and network brought by Menlo and Sierra will help us to spread our wings and bring in proven SaaS go-to-market talent. We're building a world class sales and marketing organization in San Francisco, to complement our excellent engineering, operations, sales and support teams in the UK. (By the way, we're hiring!)
3. Take B2B collaboration to the next level
Our passion is to empower commercial and finance teams within the supply chain. These teams have been neglected with outdated software products offering limited functionality. We're changing this, and this funding enables us to accelerate the development of our next generation trading partner collaboration capabilities, and get closer toward achieving our vision of intelligent plans connecting every business relationship.
Steve Sloane, Menlo partner comments, “Menlo sees digitization of supply chain as an area of under-investment and representing a huge growth opportunity. Enable's collaborative SaaS approach takes friction out of B2B relationships and gets trading partners focused on one important goal: working together to deliver more value to customers. I've been really impressed by Andrew and the team's execution thus far, and I am looking forward to the journey ahead.”
Enable is the SaaS pioneer for the deal economy -- over $1 trillion in rebate funds designed to reward profitable growth. Enable's product helps companies acquire, retain, and better serve their customers by working collaboratively with their trading partners using joined-up plans and incentive programs. Visit us at enable.com or follow us on YouTube, Twitter, or LinkedIn.
About Menlo Ventures
Menlo Ventures is a venture capital firm that strives to have a positive impact on everything we do. That's why we support businesses including Betterment, Carta, Roku, Poshmark, Uber, and Warby Parker that are reimagining life and work for the better. Over 43 years we've grown a portfolio that includes more than 70 public companies, over 100 mergers and acquisitions, and $5.5 billion under management. We invest at every stage and in every sector, with expertise in Consumer, Enterprise, and Healthcare. From developing market strategies to creating communities, we provide real impact where entrepreneurs need it most. When we're in, we're all in.
About Sierra Ventures
Sierra Ventures is a Bay Area based early-stage venture firm investing globally with a focus on Next Generation Enterprise and Emerging Technologies. With over three decades of experience and over $2 billion of assets under management, Sierra has created a vast network of successful entrepreneurs, Global 1000 CXOs, operational executives, and deep domain experts, providing a platform for entrepreneurs around the world.