Enable is a startup developing a cloud-based software tool for B2B rebate management. It has announced that it raised $45M (approx €38.54M) in its Series B round of funding.
The current round follows the company’s Series A funding in March 2020, when Enable secured $17M (approx €M) led by Menlo Ventures with participation from Sierra Ventures.
Investors
The Series B round was led by Norwest Venture Partners. The round also saw participation from existing investors, Menlo Ventures and Sierra Ventures.
As part of Norwest’s investment, Partner Sean Jacobsohn will join Enable’s Board of Directors.
Speaking on the development, Sean Jacobsohn says, “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, maximises profitable growth, and that these dollars are accurately accounted for.”
Software for B2B rebate management
Founded in 2015 by Andrew Butt and Denys C. Shortt, Enable has built a next-gen channel incentive management platform that automatically helps distributors, manufacturers, and retailers track, calculate, accrue, and allocate B2B rebates. Enable was born out of DCS Group, a leading distributor of health, beauty, and household products in the UK.
Butt, who is also the CEO, says, “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. 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 We are disrupting an outdated industry with our modern cloud approach, and we are only just beginning!”
How does it work? Enable claims to maximise the performance of the B2B deals while improving financial transparency and operational efficiency. It offers data-based collaboration that delivers actionable insights for smarter planning. It also allows its customers to take control of their deal management for better financial reporting.
Over the past two years, Enable claims its customers have set up thousands of B2B rebate deals on over $30B of sales and purchases, and have invited more than 2000 of their trading partners to the company’s platform to review and collaborate on those deals.
Enable’s customers include distributors, buying groups, and retailers from across the US, Canada, and Europe.
Use of the capital
Over the past year, the company has expanded its roots in the UK, built a presence across the US and Canada, and jump-started its customer base in Australia and South Africa. Hence, the proceeds from this round will help Enable to continue scaling its global presence while providing better customer support and employee development.
Butt says, “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”.”
He further adds, “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 maximising mutually beneficial B2B rebates and incentives.”
Enable is currently hiring to accelerate its product roadmap to help improve its offerings. 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 the platform; and extending the range of actionable insights available to customers so they can make even better quality decisions, faster.
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