NuORDER, a B2B eCommerce platform, announced news that it recently closed $8 million in a Series B funding round led by Argentum, bringing the company’s total funding to $21.9 million.
According to a press release, the new capital will be used to fund product development and innovation, as well as to scale customer success globally. Argentum joins existing investors Upfront Ventures, Greycroft Partners, Cowboy Ventures, Novel TMT and BoxGroup. As part of the deal, Argentum Managing Partner Walter Barandiaran joined the NuORDER’s board of directors.
“At NuORDER, we are revolutionizing wholesale [buying] between brands and retailers by providing a cloud and mobile eCommerce experience that is specifically designed for B2B,” said Heath Wells, co-founder and CEO, NuORDER. “It is mind-boggling how antiquated the B2B sales process is between brands and retailers. We eliminate the time, errors and frustrations of pen, paper and the fax machine, enabling brands to sell more with less effort and allowing retailers to acquire the specific inventory they want and need 24/7 from any client brand globally.”
Forrester Research recently reported that the U.S. B2B eCommerce market was valued at $777 billion and estimates that the market will reach $1.2 trillion by 2021. There are currently more than 800 brands and 300,000 retailer wholesale buyers using the NuORDER platform, which has transacted $5 billion in specialty store orders to date across verticals such as fashion and apparel, sports and outdoor, toys and kids and footwear.
During the second half of 2017, NuORDER will release new products to boost its support of specialty brands and increase efficiencies for both brands and wholesale buyers, which the Series B funding round money will help support.
“NuORDER has reimagined wholesale for brands and retailers who have never been more eager to grow and differentiate themselves,” said Argentum’s Barandiaran. “We see a strong upward trajectory of growth in the B2B eCommerce market, and we are thrilled to partner with founders Heath Wells and Olivia Skuza, as well as our co-investors, to accelerate NuORDER’s leadership in this market.”