NuOrder, a business-to-business e-commerce platform, raised $45 million in funding from Brighton Park Capital, Imaginary Ventures and other investors, according to a Wednesday press release emailed to Retail Dive.
The company plans to use the funding to expand into target markets and facilitate its ability to reshape commerce, payments, data, finance and discovery between brands and retailers, according to the company.
The company has enlisted Natalie Massenet, co-founder and managing partner of Imaginary Ventures and founder of Net-A-Porter, to serve as a board member and strategic partner as the startup expands into the European market. Mark Dzialga, managing partner of Brighton Park Capital, will also join the company's board to help the startup grow internationally in payments and online marketplaces, per the company press release.
NuOrder noted that it has grown by 125% during the past twelve months — a spike which the company attributes to the COVID-19 pandemic and businesses seeking to streamline their operations and increase their earnings. The startup mentioned in its announcement that less than a third of its gross merchandise volume comes from European companies.
The funding announcement follows the startup's rollout of its wholesale payment service in late January. Meanwhile, the company said Saks Fifth Avenue, Bloomingdale's and Nordstrom use the platform for all their buying and selling.
"It's a pivotal time for the industry and more important than ever for NuORDER to deliver innovation to brands and retailers globally to help them succeed," Olivia Skuza, co-founder and co-CEO of NuORDER, said in the announcement. "The new capital allows us to accelerate our vision with key investments in product and engineering, and we feel fortunate to have such a great set of partners championing and supporting our growth."
As NuOrder adds more retailers to its client roster, other retailers are shifting away from wholesale. In October, Under Armour announced plans to exit between 2,000 and 3,000 wholesale doors and instead concentrate on where the activewear brand has the best presentation. Nike also announced in August that it closed wholesale accounts with nine retailers, including Belk, Dillard's, Fred Meyer and Zappos, as it shifted to a direct-to-consumer strategy.