It’s been just over a year since we closed our Series A in March 2020 and what an incredible journey it has been!
We’ve tripled our customer base and doubled our talented team while never taking our eyes off of our vision: “Intelligent deals connecting every trading relationship.”
Today, we take another crucial step toward achieving our vision with $45 million in Series B funding.
The Series B funding is a major milestone that would not have been possible without the huge support of our forward-thinking customers, the tireless work of every single employee at Enable, and our investors for committing to building the first cloud native rebate management solution.
Disrupting the Trillion Dollar Deal Economy
With the new funding and our exponential growth as a business, we have begun the next stage in our journey. We have the foundation in place to reshape the deal economy by helping every business achieve growth through maximizing mutually beneficial B2B rebates and incentives.
“We’re pioneering a software category to help our customers succeed with rebate management in a way that enables them to better serve their customers while also accelerating profitable growth,” said Andrew Butt, Co-founder & CEO of Enable. “It’s been incredible to see our customers embrace the technology and gain immediate benefits. We are disrupting an outdated industry with our modern cloud approach, and we are only just beginning!”
Over the past year we have significantly expanded our original roots in the UK, built a strong presence across USA and Canada, and jump started our customer base in Australia and South Africa. Recently, we were named on Inc. 5000’s list of fastest growing private companies in the United States for 2021.The proceeds from this funding will be used to continue scaling our global presence while providing even greater customer support and employee development.
We are hiring across all teams and all countries to accelerate our product roadmap that will result in a multitude of improvements to our offering. Key areas for enhancements include: expanding the types of incentives, trading programs and deals that customers will be able to manage; making it simpler and easier for customers to onboard and use our platform; and extending the range of actionable insights available to our customers so they can make even better quality decisions, faster.
We are passionate about making all our existing customers even more successful, and placing our technology in the hands of many more customers.
A big welcome to our new investors
We are humbled by the continued participation from existing investors, Menlo Ventures and Sierra Ventures and we welcome new lead investor Norwest Venture Partners. This is a clear testament that our innovative approach to rebate management and our customer traction are leading the market. As part of Norwest’s investment, we welcome Sean Jacobsohn, Partner at Norwest, to join our Board of Directors.
“Manufacturers spend trillions of dollars in rebates each year. Enable has found a unique opportunity in the supply chain to help ensure the end-to-end rebate management process is streamlined on one central platform, maximizes profitable growth, and that these dollars are accurately accounted for," said Sean Jacobsohn, Partner at Norwest Venture Partners. "We couldn't be more excited to partner with Enable on the journey to help suppliers and distributors be more aligned and in control of their trading agreements."
Read Norwest Venture Partners blog, here.
Read the TechCrunch article, here.
About Norwest Venture Partners
Norwest is a leading venture and growth equity investment firm managing more than $9.5 billion in capital. Since our inception, we have invested in more than 600 companies and currently partner with over 150 active companies in our venture and growth equity portfolio. We engage all stages of company building — from seed to late-stage venture, to growth equity investments— in the healthcare, technology and consumer industries. With offices in Palo Alto and San Francisco and subsidiaries in India and Israel, we offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses.
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.