Rebate management platform Enable has scored $13m in its Series A round, marking its first equity fundraise.
The investment was led by Menlo Ventures, with participation also coming from Sierra Ventures. As part of the deal, Menlo partner Steve Sloane has joined the Enable board of directors.
Enable ?helps buying groups and retailers across the US, Canada and Europe with their B2B rebate deals. Over the past two years, Enable has set up deals totalling $30bn in sales and purchases and has attracted over 2,000 trading partners to its platform.
Its rebate management software enables companies to enhance their relationships and can receive more accurate data to improve their trading decisions and decide where to focus sales efforts in terms of products, customers and locations.
Over the past year, the FinTech has tripled its customer base and with the new capital it hopes to continue this growth, It will be looking to broaden its reach and support more organisations.
Additionally, the company will be using the capital to support the expansion of its team, with a particular focusing on expanding its sales and marketing divisions.
Finally, the company will look to release new trading partner collaboration capabilities.
Andrew Butt, co-founder and CEO comments, ?Having demonstrated positive early traction with our product whilst bootstrapping, now is the perfect time to secure venture capital funding to start scaling the business and extending our reach.
?Enable is the SaaS pioneer for the deal economy??????over $1 trillion of rebate funds that are poorly managed and executed??????to enhance profitable sales through the supply chain.p>
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