Funding round boosts B2B e-commerce platform NuOrder with $45 million investment
NuOrder Expands Presence in Europe and Pursues Growth in B2B E-commerce
NuOrder, a business-to-business e-commerce platform, has announced a significant expansion into Europe, aiming to reshape commerce, payments, data, finance, and discovery between brands and retailers. The company, now owned by Lightspeed, has raised $45 million in funding from investors including Brighton Park Capital, Imaginary Ventures, and others.
This funding will support NuOrder's growth, particularly in product and engineering investments. Mark Dzialga, managing partner of Brighton Park Capital, and Natalie Massenet, co-founder and managing partner of Imaginary Ventures and founder of Net-A-Porter, will join the company's board to help NuOrder grow internationally in payments and online marketplaces. Massenet will also serve as a strategic partner to help NuOrder expand into the European market.
The growth of NuOrder can be attributed to the COVID-19 pandemic and businesses seeking to streamline their operations and increase their earnings. In response, NuOrder has rolled out its wholesale payment service and new product features that facilitate inventory optimization, data insights, and seamless omnichannel commerce.
One such feature is the "Order Trends" feature, which aggregates product-level data to help retailers optimize inventory and reduce overstock risks. This is particularly important during the pandemic, as businesses strive to manage their inventory more efficiently.
NuOrder's European expansion is concentrated on the hospitality sector with AI and payment innovations. In the UK, Netherlands, and Belgium, NuOrder is offering AI-powered Benchmarks & Trends and contactless payment features (Mobile Tap) to improve operational efficiency and customer experience.
On the retail front, NuOrder is deepening partnerships with retailers like David Jones, who are leveraging the platform to reduce overstocks, localize assortments, and modernize buying processes as part of their Vision 2025+ strategy. The platform enables buyers to collaborate digitally with brand partners, better curate assortments, and significantly cut order writing time by approximately 55%, improving agility and alignment with market trends.
Other retailers are also shifting away from wholesale, with companies like Under Armour and Nike announcing plans to exit between 2000 and 3000 wholesale doors, and closing wholesale accounts with various retailers, respectively, as they shift to a direct-to-consumer strategy.
NuOrder's vision is to deliver innovation to brands and retailers globally to help them succeed. The company is continuing to grow its client roster with additional retailers, including Saks Fifth Avenue, Bloomingdale's, and Nordstrom, who are using NuOrder for all their buying and selling.
With these initiatives, NuOrder is well-positioned to capitalize on the growing trend of digital transformation in the B2B e-commerce sector. The company's focus on data analytics, operational efficiency, and customer-centric innovation is expected to drive its growth and success in the coming years.
- The expansion of NuOrder in Europe, spearheaded by Lightspeed, aims to revolutionize finance, commerce, data, and discovery in the business-to-business e-commerce sector, driven by the pandemic's impact on the need for streamlining operations and boosting earnings.
- To achieve global growth, NuOrder has secured $45 million in funding from investors such as Brighton Park Capital and Imaginary Ventures, with Mark Dzialga and Natalie Massenet joining the board to guide international growth in payments and online marketplaces.
- In response to market demands, NuOrder has rolled out a wholesale payment service and innovative product features, such as "Order Trends," designed to help retailers optimize inventory and manage risks during the pandemic.
- In the hospitality sector, NuOrder's European initiatives include AI-powered Benchmarks & Trends and contactless payment features (Mobile Tap), poised to drive operational efficiency and enhance customer experience.
