- The Cloud-Based Software Continues to Lead in Powering the Deal Economy
Enable, a cloud-based software solution for B2B rebate management, has secured a $45 million Series B funding round to continue to fuel the company’s growth plans. The round is led by Norwest Venture Partners with participation from previous investors, Menlo Ventures and Sierra Ventures, along with several angel investors. This latest round brings the company’s total funding to $62 million. In addition to the raise, Sean Jacobsohn, Partner at Norwest Venture Partners, will join Enable’s Board of Directors.
“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.”
Launched in 2016, Enable’s software is used by procurement and finance professionals in distribution and manufacturing across over 50 industries so that they can have an easy, seamless solution to execute and track their full range of trading programs. These departments were previously using manual tools and disparate systems that brought numerous errors and miscalculations resulting in 4% of potential rebate revenue going unclaimed. Enable is helping its clients automate their rebate management processes, so that they can maximize the performance of their B2B deals while improving financial transparency and operational efficiency.
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“We’re pioneering a new category of software to help our clients 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 “It’s been incredible to watch how our product has disrupted an outdated industry and we’re excited for what the future has in store as we continue to expand.”
The funding comes at a time of rapid growth for the company. Enable has tripled its revenue and customer base since its Series A raise just last year and has more merchants and suppliers in the UK and US than any other comparable software solution. The funds will be used for Product Innovation, Customer Success, and Go To Market roles.
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“Manufacturers and distributors 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.”
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