Guided B2B marketplace Negotiatus says it has rebranded itself as Order following a $30 million Series B funding round.
The financing, announced Tuesday (Jan. 25), was led by Stage 2 Capital via a direct investment from MIT’s $30 billion Endowment fund.
Order, which raised $20 million in a Series A in 2020, operates a platform on which buyers and sellers can shop and track delivery information across various orders. The firm also centralizes back-office functions, such as order requests and approval.
Read more: Procurement, Digital Banking See VC Funding Rounds
“Why would anyone want to manage hundreds of vendors, sign in to different websites, and buy at inconsistent prices? If we can delight users and bring order to their purchasing workflow while saving them money, it’s a no brainer,” said Jay Po, managing partner and co-founder at Stage 2 Capital. “From their integrated payments and financial services to the modernization of their purchasing tools, every team that buys anything for their business needs this.”
Order, founded in 2016, uses embedded FinTech to ease each step of the buying process. The company says it “blends software and predictive applications” to solve the problems finance, operations and procurement teams face when buying for their business.
“When you’re a business, the seemingly simple act of buying a pen is unnecessarily complex — a number of workflows need to take place across a number of systems and departments,” said Zach Garippa, co-founder and CEO at Order.
“And a business is obviously buying much more than just a pen. If you can intercept this process at the point of purchase, you can radically simplify buying for businesses without needing to reinvent the wheel. You can, though, make it less excruciating for them to turn.”
He adds that Software-as-a-Service businesses have the opportunity to solve complex customer problems “because the incentives are perfectly aligned with the customer.
“When done correctly, you can follow in the footsteps of companies like SportsEngine and Shopify who have massively high net dollar retention, high revenue predictability, and a rapid — and impressive — product deployment cycle,” Garippa said. “This perpetuates an amazing flywheel of increased value, increased revenue and accelerated product innovation.”
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