The new capital will be used to fund product development and innovation, as well as to scale customer success globally. Argentum is joined by existing investors Upfront Ventures, Greycroft Partners, Cowboy Ventures, Novel TMT & Box Group. Argentum managing partner Walter Barandiaran joined the NuORDER Board of Directors as part of the investment.
“At NuORDER, we are revolutionizing wholesale between brands and retailers by providing a cloud and mobile eCommerce experience that is specifically designed for B2B,” said Heath Wells, Co-Founder and CEO, NuORDER. “It is mind boggling how antiquated the B2B sales process is between brands and retailers. We eliminate the time, errors and frustrations of pen, paper and the fax machine, enabling brands to sell more with less effort and allowing retailers to acquire the specific inventory they want and need 24/7 from any client brand globally.”
2016 was a highly successful year for NuORDER, marked by very strong growth and turning cash positive. More than 800 brands and 300,000 retailer buyers are currently using the NuORDER platform, which has transacted $5 billion in specialty store orders to date across verticals such as fashion & apparel, sports & outdoor, toys & kids and footwear. The company will utilize the investment to continue expanding into new industries and growing its product line to drive richer interactions and increase productivity for its customers.
“NuORDER has reimagined wholesale for brands and retailers who have never been more eager to grow and differentiate themselves,” said Walter Barandiaran, Managing Partner, Argentum. “We see a strong upward trajectory of growth in the B2B eCommerce market and we are thrilled to partner with founders Heath Wells and Olivia Skuza, as well as our co-investors, to accelerate NuORDER’s leadership in this market.”
In June, Forrester Research reported that the U.S. B2B eCommerce market was valued at $777 billion, comprising 9.7 percent of all B2B sales, and estimates that the market will reach $1.2 trillion by 2021. This growth in B2B eCommerce is due in large part to a dramatically changed B2B buyer, who is now taking a digital-first approach to discovering brands and making purchases.
During the second half of 2017, NuORDER will release new products to further strengthen its support of specialty brands and increase efficiencies for both brands and wholesale buyers. To learn more about NuORDER, please visit: http://www.nuorder.com/
*Research Report Source: Forrester Research, US B2B eCommerce Will Hit $1.2 Trillion By 2021 Landscape: The B2B eCommerce Playbook, June 5, 2017.