United Kingdon-based Enable, the software platform that has developed a cloud-based “rebate management solution” with the aim of helping distributors, manufacturers and retailers manage rebates has confirmed picking up $13 million in fresh financing. The round has been dubbed as Series A and is being led by Menlo Ventures and they have got the support from Sierra Ventures.
Before this round of capital, the firm had raised $2.4 million as part of a venture round last year in October when Barclays led the round. The current infusion takes the total amount raised by the firm to $15.4 million. As part of the financing, Menlo Ventures' Steve Sloane is set to join the board of Enable.
Launched by Andrew Butt and Denys C. Shortt in 2015, the firm helps the distributors, manufacturers, and retailers to calculate, plan, and accrue rebate deals in order to help them get profitable growth. The company has got clients from across the USA, Canada and Europe which includes distributors, buying groups and retailers.
Andrew Butt, the co-founder of the firm talking about Enable says that “We take the pain away with our fully automated platform which becomes the system of record for all B2B deals, and the calculator of granular deal earnings. The complexity of these deals has also massively increased. For distributors to survive, they must take full control of these deals and ensure that money is not being left on the table, yet until now there has been a lack of software that is designed around the distributor”.
It will be interesting to see how the firm manages the fresh funding to get more profits in this over $1 trillion rebate industry.
Image Courtesy : Enable