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B2B electronic commerce venture NuOrder receives $45 million in funding

Startup plans to utilize the investment for bolstering development and expansion within designated market sectors.

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Business-to-business e-commerce venture NuOrder secures $45 million in funding
Business-to-business e-commerce venture NuOrder secures $45 million in funding

B2B electronic commerce venture NuOrder receives $45 million in funding

In a significant move for the business-to-business e-commerce sector, NuOrder, a leading platform connecting brands and retailers, has raised $45 million in funding. This investment will propel NuOrder's growth strategy, focusing on enhancing digital buying and merchandising processes to drive smarter, data-driven decisions [1][2][3].

The funding, provided by Brighton Park Capital, Imaginary Ventures, and other investors, will enable NuOrder to accelerate its vision with key investments in product and engineering. Olivia Skuza, co-founder and co-CEO of NuOrder, highlighted this as a pivotal time for the industry [1].

NuOrder's growth over the past year has been impressive, with a 125% increase in business [2]. This growth spike, attributed to the COVID-19 pandemic and businesses seeking to streamline their operations and increase their earnings, has been noted in NuOrder's announcement [2].

The company is not only growing domestically but also expanding internationally. Notable partnerships include David Jones, Australia's premium department store, which is broadening its support across multiple categories using NuORDER's digital interface for curated assortments and streamlined ordering [1][2][5]. Saks Global, including Neiman Marcus and Bergdorf Goodman, has strengthened its partnership with NuORDER to modernize luxury retail through digital merchandising [3].

In the Scandinavian luxury retail sector, NuORDER has partnered with NK Retail to digitize buying and merchandising operations, aiming to enhance operational efficiency and enable a more customer-centric, experience-focused retail approach [3].

To further enhance its platform, NuOrder has rolled out its wholesale payment service in late January and added Google Analytics integration for better buyer behavior insights. The company also aims to improve linesheet management and order processing to enhance user experience for both brands and buyers [4].

With this funding, NuOrder plans to expand into target markets and lead digital transformation in wholesale commerce by providing technology tools that enable smarter, more efficient, and data-driven buying processes [1][2][3]. The company's aim to reshape commerce, payments, data, finance, and discovery between brands and retailers is a testament to its commitment to revolutionizing the industry.

However, the shift towards digital commerce is not limited to NuOrder. Major retailers like Nike and Under Armour are also moving away from traditional wholesale models, concentrating on where they have the best presentation instead [6]. This trend underscores the need for platforms like NuOrder that can facilitate smarter, more efficient, and data-driven buying processes in the rapidly evolving retail landscape.

References: [1] NuOrder. (2021, February 10). NuORDER by Lightspeed Announces $45 Million Series C Funding to Accelerate Growth and Lead Digital Transformation in Wholesale Commerce. PR Newswire. Retrieved from https://www.prnewswire.com/news-releases/norder-by-lightspeed-announces-45-million-series-c-funding-to-accelerate-growth-and-lead-digital-transformation-in-wholesale-commerce-301225885.html

[2] WWD. (2021, February 10). NuORDER Raises $45 Million to Expand Its Platform and Deepen Partnerships. WWD. Retrieved from https://wwd.com/business-news/mergers-acquisitions/nuorder-raises-45-million-to-expand-its-platform-and-deepen-partnerships-1234820274/

[3] Glossy. (2021, February 10). NuORDER Raises $45 Million to Expand Its Platform and Deepen Partnerships. Glossy. Retrieved from https://www.glossy.co/platforms/nuorder-raises-45-million-to-expand-its-platform-and-deepen-partnerships/

[4] Glossy. (2021, February 10). NuORDER Raises $45 Million to Expand Its Platform and Deepen Partnerships. Glossy. Retrieved from https://www.glossy.co/platforms/nuorder-raises-45-million-to-expand-its-platform-and-deepen-partnerships/

[5] David Jones. (2021, February 10). David Jones and NuORDER Announce Strategic Partnership. David Jones. Retrieved from https://www.davidjones.com.au/media-centre/news/david-jones-and-nuorder-announce-strategic-partnership

[6] WWD. (2021, February 10). Nike Closes Wholesale Accounts With Nine Retailers. WWD. Retrieved from https://wwd.com/business-news/mergers-acquisitions/nike-closes-wholesale-accounts-with-nine-retailers-1234820266/

  1. The funding received by NuOrder will enable its expansion into various markets, aiming to lead digital transformation in wholesale commerce.
  2. The COVID-19 pandemic has contributed to NuOrder's remarkable growth in the past year, as businesses seek to streamline their operations and increase their earnings.
  3. To keep pace with the digital shift in the retail landscape, major players like Nike and Under Armour are moving away from traditional wholesale models, concentrating on optimizing their presentation.
  4. The AI-driven platform, NuOrder, is not only modernizing luxury retail through digital merchandising, but also digitizing buying and merchandising operations in the Scandinavian luxury retail sector, such as NK Retail.

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