US-based business-to-business (B2B) online commerce platform NuOrder completed an $8m series B round on Tuesday featuring Novel TMT, the corporate venture capital arm of telecommunications firm Novel Group.
The round was led by growth equity firm Argentum and included Upfront Ventures, Greycroft Partners, Cowboy Venture and Box Group. Walter Barandiaran managing partner of Argentum, will join NuOrder’s board of directors in conjunction with the round.
Founded in 2011, NuOrder has built an online hub where retailers can access inventory and browse and order stock quickly and efficiently. It has signed up more than 800 vendors and is used by some 300,000 buyers, and the funding will support the launch of new services.
The round boosted NuOrder’s overall funding to $21.9m, it said. Talent agency Creative Artists Agency took part in a $3m round for the company in 2012 that included GRP, Greycroft and angel investors Aileen Lee, David Tisch, Brian Spaly, Mortimer Singer and Rachel Zoe.
Heath Wells, co-founder and chief executive of NuOrder, said: “At NuOrder, we are revolutionising wholesale between brands and retailers by providing a cloud and mobile e-commerce experience that is specifically designed for B2B.
“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.”
– Image courtesy of NuOrder Inc.