A cloud-based solution for B2B rebate management has secured £33 million in Series B funding.
Enable, founded in Stratford-upon-Avon in 2016, moved the firm’s HQ to San Francisco in 2019 as co-founder and CEO Andrew Butt saw an opportunity to disrupt a ‘dusty’ space on a global scale.
Recognising that North America was its biggest market, he believed Enable could go on to define a new software category and ultimately launch on the New York Stock Exchange.
The round was led by Norwest Venture Partners with participation from previous investors, Menlo Ventures and Sierra Ventures, along with several angel investors. It takes the company’s total funding to $62m.
Sean Jacobsohn, partner at Norwest Venture Partners, will join Enable’s board of directors.
With Enable moving at ‘breakneck speed’, Butt estimates it will employ 125 people in the UK by the end of the year – which puts it on track to increase headcount here by 45% year-over-year.
“We’re pioneering a new category of software to help our clients succeed with rebate management in a way that enables them to better serve their customers while also accelerating profitable growth,” added Butt.
“It’s been incredible to watch how our product has disrupted an outdated industry and we’re excited for what the future has in store as we continue to expand.”
Enable’s software is used by procurement and finance professionals in distribution and manufacturing across over 50 industries so that they can have an easy, seamless solution to execute and track their full range of trading programs.
These departments were previously using manual tools and disparate systems that brought numerous errors and miscalculations resulting in 4% of potential rebate revenue going unclaimed.
Enable is helping its clients automate their rebate management processes, so that they can maximise the performance of their B2B deals while improving financial transparency and operational efficiency.
Enable has tripled its revenue and customer base since its Series A raise just last year and has more merchants and suppliers in the UK and US than any other comparable software solution.
“Manufacturers and distributors spend trillions of dollars in rebates each year. Enable has found a unique opportunity in the supply chain to help ensure the end-to-end rebate management process is streamlined on one central platform, maximises profitable growth, and that these dollars are accurately accounted for,” said Jacobsohn.
“We couldn’t be more excited to partner with Enable on the journey to help suppliers and distributors be more aligned and in control of their trading agreements.”