NetNow, a pioneering trade credit automation platform, has successfully secured $1.8m in pre-seed funding.
The investment round was spearheaded by Ripple Ventures, with contributions from Centre Street Partners, Antler, Motivate Venture Capital, and Day One Ventures. Additionally, NetNow has earned a grant from Intuit after being named The Most Customer Obsessed company.
NetNow specializes in automating the credit and collections process specifically for wholesalers and distributors. This modern platform is designed to bring much-needed innovation to B2B Credit Management, particularly within industries that have traditionally relied on outdated, cumbersome processes. By leveraging cutting-edge technology, NetNow introduces automation, integration, and flexibility into a sector ripe for disruption.
The newly acquired funds are earmarked for accelerating the development of AI-driven features within NetNow’s platform. These advancements are set to simplify documentation processes, enhance data analysis, and generate sophisticated risk scores and metrics.
For industries like building materials—ranging from lumber yards to steel mills and HVAC supply houses—NetNow offers a critical solution that improves credit management for both new and existing contractors and construction projects.
Nauman Hafeez, CEO of NetNow, said, “”Everyone deserves to allocate their time away from monotonous tasks.
“Yet, credit and finance teams spend 42 hours per week on manually processing credit applications – a ton of effort wasted on manual research and cross referencing. The NetNow platform was created to streamline the most time-intensive aspects of applying for credit, to prioritize what truly counts. We aim to continue to work with the incredible Credit Executives that have helped us shape our product to what it is today and help pioneer a digital-first approach to credit management.”
Matt Cohen, Managing Partner at Ripple Ventures, said, “”NetNow is uniquely positioned to be the first credit management platform that prioritizes the building materials industries like lumber, steel, concrete, and agriculture. Their world-class team is dedicated to accelerating sales and credit approvals for industries that can benefit from this technology the most.
“As a trailblazer in SaaS credit solutions, the platform’s growth is powered by automation, AI and customization that stands to open up lucrative revenue opportunities.”
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