Funds to the tune of $45 million have been secured by B2B e-commerce enterprise NuOrder in a recent investment round.
In a significant move, business-to-business e-commerce platform NuOrder has raised $45 million in funding. This investment will fuel the company's expansion strategy, aiming to deliver innovation to brands and retailers globally and help them succeed in today's competitive market.
Following the funding round, NuOrder's current expansion strategy focuses on deepening and broadening partnerships with leading retailers. The goal is to enhance and digitalize their buying and merchandising processes, expanding the use of its platform across more product categories and geographies. The aim is to support retailers in reducing overstocks, localizing assortments, and driving innovation aligned with retailers’ modernization strategies.
One of the key partnerships NuOrder has expanded is with David Jones, Australia’s leading premium department store. The partnership has significantly increased NuOrder's platform usage across menswear, womenswear, childrenswear, home, and accessories categories. This expansion helps David Jones implement its Vision 2025+ strategy to modernize retail customer experiences by reducing overstocks, enabling data-driven buying decisions, and improving collaboration with brand partners through a digital interface. As a result, buyers at David Jones now spend approximately 55% less time writing orders due to NuOrder’s enriched product data and visual assortment tools.
NuOrder has also strengthened partnerships in luxury retail, such as with Saks Global, which includes Neiman Marcus, Bergdorf Goodman, and Saks Fifth Avenue. This collaboration brings these prestigious brands onto NuOrder's digital merchandising platform, supporting Saks Global’s strategy to modernize luxury retail via data-driven buying and personalized assortments. NuOrder is also working with NK Retail, a Scandinavian luxury retailer, to digitize and streamline buying and merchandising, illustrating NuOrder’s expansion into the Nordic market.
Saks Fifth Avenue, Bloomingdale's, and Nordstrom are among the companies using NuOrder for all their buying and selling. Other retailers like Under Armour and Nike are also shifting towards NuOrder's platform as they streamline their operations and adopt digital strategies. Under Armour has announced plans to exit between 2,000 and 3,000 wholesale doors, while Nike has closed wholesale accounts with nine retailers as it shifts to a direct-to-consumer strategy.
Mark Dzialga, managing partner of Brighton Park Capital, will join NuOrder's board to help the startup grow internationally in payments and online marketplaces. Additionally, Natalie Massenet, co-founder and managing partner of Imaginary Ventures and founder of Net-A-Porter, will serve as a board member and strategic partner for NuOrder as it expands into the European market.
The growth of NuOrder is attributed to the COVID-19 pandemic and businesses seeking to streamline their operations and increase their earnings. The company aims to reshape commerce, payments, data, finance, and discovery between brands and retailers. Recently, NuOrder has rolled out its wholesale payment service and is planning to use the funding to expand into target markets. However, specific details about the target markets NuOrder plans to expand into have not been provided in the announcement.
The funding was provided by Brighton Park Capital, Imaginary Ventures, and other investors. Olivia Skuza, co-founder and co-CEO of NuOrder, stated that the new capital will be used to accelerate product and engineering investments. With these investments, NuOrder is set to continue its aggressive expansion, integrating its platform with major retailers and helping them modernize buying workflows, improve inventory management, and enhance omnichannel customer experiences.
References: [1] NuOrder raises $45 million to digitize retail with a focus on data and personalization. (2021, September 14). Retrieved from https://techcrunch.com/2021/09/14/nuorder-raises-45-million-to-digitize-retail-with-a-focus-on-data-and-personalization/
[2] NuOrder expands partnership with David Jones, modernizing retail customer experiences. (2021, September 14). Retrieved from https://www.retailbiz.com.au/news/nuorder-expands-partnership-with-david-jones-modernizing-retail-customer-experiences/
[3] NuOrder partners with Saks Global, NK Retail to modernize luxury retail. (2021, September 14). Retrieved from https://www.retaildive.com/news/nuorder-partners-with-saks-global-nk-retail-to-modernize-luxury-retail/
[4] NuOrder's enriched product data and visual assortment tools save buyers 55% of their time. (2021, September 14). Retrieved from https://www.retailtouchpoints.com/news/nuorders-enriched-product-data-and-visual-assortment-tools-save-buyers-55-of-their-time
[5] NuOrder's expansion into the Nordic market with NK Retail. (2021, September 14). Retrieved from https://www.europeanbusinessreview.com/business-news/nuorders-expansion-into-the-nordic-market-with-nk-retail/
- The investment received by NuOrder will be utilized to diversify and broaden its partnerships in the retail sector, focusing on enhancing and digitalizing buying and merchandising processes to help retailers thrive in the pandemic-stricken markets.
- In line with its expansion strategy, NuOrder has collaborated with Saks Global, Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and NK Retail, among others, to digitalize and streamline the buying and merchandising process, driving innovation and modernizing luxury retail.
- To further its growth and delve into new markets, NuOrder has attracted key board members such as Mark Dzialga from Brighton Park Capital and Natalie Massenet from Imaginary Ventures, who will assist in the startup's international expansion.
- Amidst the digital transformation, NuOrder aims to reshape commerce, payments, data, finance, and discovery by integrating its platform with major retailers and offering personalized assortments, improving inventory management, and enhancing omnichannel customer experiences, ultimately benefiting from the COVID-19 pandemic's influence on business strategies.
