OrderGroove a US-based company for branded consumer goods to create subscription and membership commerce, has raised $7m in its series B round from a consortium led by Fung Capital USA, a corporate venturing unit of Li & Fung, the world’s largest sourcing company that manufactures, distributes and retails consumer products globally and has more than $20bn in revenue.
Alongside Fung in the round were venture capital firms Lerer Ventures, Legend and Swan Ventures, Allegro Venture Partners, Bee Partners, as well as angel investors Raul Vazquez, a former chief executive of retailer Walmart who joined OrderGroove’s board in February, and Fred Schaufeld, chairman of New Corporation.
Greg Alvo, founder and chief executive of OrderGroove, said: “OrderGroove’s subscription and club model offers the ultimate level of convenience for retailers to remain in step with shoppers, simplifying the hassle of shopping for essentials as well as introducing the discovery of new passions through curated product discovery clubs.”
OrderGroove has tripled its client roster in the past 12 months to more than 60 brands, including Grainger, L’Oreal, Jockey, NBTY, Freshpair and Lot18.
Fung’s other current investments are ECVision, an online supply chain collaboration platform in which Fung bought all non-management shares in June 2009; GT Nexus, which provides software to track ocean container shipments; One Stop, which outsources electronic commerce; and Proclivity, a marketing tool.