B2B e-commerce startup NuOrder raises $45 million

Foreign media reported that B2B e-commerce platform NuOrder raised $45 million in funding from Brighton Park Capital, Imaginary Ventures and other investors. The company plans to use the funds to expand into target markets and enhance its commercial, payment, data, financial and discovery capabilities between reshaping brands and retailers.

The company is understood to have hired Natalie Massenet, co-founder and managing partner of Imaginary Ventures and founder of Net-A-Porter, as a board member and strategic partner as the startup expands into the European market. Mark Dzialga, managing partner of Brighton Park Capital, will also reportedly join the company’s board to help the startup grow internationally in the payment and online markets.

NuOrder noted that it had grown 125% in the past 12 months, which the company attributed to the COVID-19 pandemic and businesses streamlining operations and increasing revenue. The startup mentioned in its announcement that just under a third of its gross merchandise volume was from European companies.

The funding announcement comes after the startup launched its wholesale payments service in late January, and said Saks Fifth Avenue, Bloomingdale's and Nordstrom use the platform for all their buying and selling.

“ This is a pivotal moment for the industry, and it’s more important than ever for NuORDER to deliver innovation to global brands and retailers to help them succeed, ” said Olivia Skuza, co-founder and co-CEO of NuORDER, in the statement. “ The new capital enables us to accelerate our vision through key investments in product and engineering, and we are fortunate to have so many great partners to support and support our growth. ”

As NuOrder adds more retailers to its customer base, other retailers are shifting away from wholesale. In October, Under Armour announced plans to exit 2,000 to 3,000 wholesale doors, focusing instead on where its sportswear brand performs best. Nike also announced in August that it was closing wholesale accounts with nine retailers, including Belk, Dillard's, Fred Meyer and Zappos, as it pivots to a direct-to-consumer strategy.

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Cross-border e-commerce companies

Cross-border e-commerce market