NuOrder, a US-based business-to-business (B2B) e-commerce platform backed by telecommunications firm Novel Group, has closed a $15m series C round led by investment firm NewSpring Capital.
Growth equity firm Argentum and venture capital firm Upfront Ventures, which are both existing investors, participated in the round.
Founded in 2011, NuOrder has developed a wholesale online platform for sales teams and buyers to browse products, access inventory data and place orders. It has signed up more than 1,000 vendors and 435,000 buyers.
The round has bought NuOrder’s overall funding to $40m. It completed a $8m series B round in August 2017 featuring Novel TMT, the corporate venture capital arm of Novel Group, as well as Argentum, Upfront Ventures, Greycroft, Cowboy Ventures and Box Group.
Talent agency Creative Artists Agency invested in the company as part of a $3m round in 2012 that included GRP, Greycroft and angel investors Aileen Lee, David Tisch, Brian Spaly, Mortimer Singer and Rachel Zoe.
Olivia Skuza, co-founder of NuOrder, said: “The wholesale industry is finally ready for a market disruption and NuOrder is in an incredible position. We have invested heavily and built a leading product that has been adopted by the most reputable brands and retailers in the world.”