Enable, a US-based deal management software provider backed by financial services firm Barclays, has secured $13m in series A funding, TechCrunch reported yesterday.
Menlo Ventures led the round, participating alongside fellow venture capital firm Sierra Ventures, and Menlo partner Steve Sloane is joining Enable’s board of directors.
Founded in 2000, Enable has built a software platform that streamlines the assembly of rebates through business-to-business transactions. It will put the funding toward increasing headcount and expanding its customer base.
Barclays had invested $1.8m in the company in October 2019 as part of a larger $2.4m fundraise, but as Enable said the series A represents its first external funding, that deal may have been part of the latest round.
Andrew Butt, co-founder and chief executive of Enable, said: “Having demonstrated positive early traction with our product whilst bootstrapping, now is the perfect time to secure venture capital funding to start scaling the business and extending our reach.”
