Suger raised $15 million in a Series A funding round to continue its R&D investments and add artificial intelligence (AI)-powered workflows aimed at streamlining the cloud marketplace sales process.
The company’s existing platform that helps software companies list, transact and co-sell across cloud marketplaces for B2B software sales is currently used by more than 200 customers, Suger said in a Wednesday (Feb. 12) press release.
The platform automates the quote-to-cash process, streamlining fulfillment for self-serve products and orchestrating workflows for companies to transact at scale, according to the release.
“When we started working with enterprise companies and their complex systems, we discovered a surprising amount of manual cut/paste work, unmanaged automations and hastily built in-house tools,” Suger Co-founder and CEO Jon Yoo said in the release.
Suger’s R&D investments will include AI, Yoo said in a Wednesday blog post.
“There’s endless data at every stage of a deal cycle to transform how our users can partner better with internal stakeholders and external partners,” Yoo said. “Expect to hear a lot more about our AI-powered workflows very soon!”
Suger is building the “category defining company” in cloud marketplaces, which is an emerging space, Lisa Xu, partner at Threshold Ventures, which led the funding round, said in the release.
“Suger’s innovative approach to cloud marketplace sales solves one of the most pressing challenges for B2B software companies today, including many in our own portfolio,” Xu said.
B2B marketplaces are among the fastest growing B2B digital sales channels, offering specialized commercial products across industries, PYMNTS reported in December.
These marketplaces eliminate pain points in the B2B buying journey by serving as a unified hub that mitigates the need to switch between systems, streamlining complicated workflows.
In October, Ghost raised $40 million in a Series C funding round to continue expanding its members-only B2B marketplace that connects brands and retailers and facilitates the buying and selling of surplus and wholesale inventory.
Breef said in June that it enhanced its online marketplace that connects brands and agencies by adding payment infrastructure powered by B2B flexible payments platform Tranch.
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