NewSpring Invests in Leading B2B eCommerce Solution
December 05, 2018
Radnor, PA - December 5, 2018 – NewSpring (the “Firm”), a family of private equity strategies, announced today that NewSpring Growth ("NewSpring"), the Firm’s dedicated growth and expansion strategy, has led a $15.0 million Series C financing round in NuORDER (the “Company”), a leading B2B wholesale ecommerce platform, alongside existing investors, Upfront Ventures and Argentum. The Company will use this latest financing to continue defining the wholesale ecommerce market by further meeting customers’ needs, accelerating product innovation, and growing its team.
NuORDER has witnessed unprecedented growth, exceeding more than 1,000 brand customers and 400,000 retailers that are making transactions on the platform faster than ever before. To date, $16 billion worth of gross merchandise volume has been sold on NuORDER, half of which took place in the last 12 months. NuORDER has facilitated 3.25 million orders, with more than 202 million products purchased through the platform.
Additionally, NuORDER and Nordstrom announced a partnership this year that is the first of its kind for the industry, in which the retailer will use NuORDER to work more collaboratively with its more than 3,000 supplier brands.
“Our vision for solving the challenges brands and wholesale buyers experience has been realized,” said Olivia Skuza, Co-Founder, NuORDER. “The wholesale industry is finally ready for a market disruption and NuORDER is proving to be the stand out leader. We have built a strong product that has been adopted by some of the most reputable brands and retailers in the world. Moving B2B sales online has had a direct and positive impact on our customers and partners’ bottom line as they’re now able to sell in more products, reach more buyers and strengthen their wholesale strategy.”
According to Forrester, by 2021, US B2B eCommerce sales are projected to reach $1.18 trillion, with more than $3 billion being spent globally on B2B eCommerce platform technologies.1 To address this market growth, NuORDER has created an industry leading solution that enables brands in industries including apparel, footwear, outdoor, sports, home and beauty to communicate and transact with wholesale buyers through a B2B eCommerce platform. NuORDER replaces outdated processes of using printed catalogs and static spreadsheets with a SaaS solution available anywhere and anytime on computers and mobile devices. The U.S.-based company boasts brands such as ASICS, Levi’s, Coach, Theory, Lacoste, Ted Baker and Cole Haan, and has grown internationally, with 38 percent of order volume coming from international brands and retailers.
“In the last decade, digital transformation has taken place in B2C channels while the B2B buying process has continued to remain antiquated, until now,” said NewSpring Vice President, Justin Nadile. “We’re excited to be partnering with NuORDER given the Company’s leadership position in the market and ability to define the segment going forward. The NuORDER platform offers a compelling value proposition and is rapidly becoming the industry-standard for wholesale buyers and sellers. With the technology developed to meet the complex needs of enterprise clients, the platform has application beyond current verticals and uses cases. NewSpring is proud to partner with such a visionary team.”
Along with its investment, NewSpring’s Justin Nadile will join the NuORDER Board of Directors.
About NuORDER
NuORDER has been dedicated to helping businesses increase their B2B sales since 2011 and currently empowers B2B eCommerce sites for over 1,000 vendors and 435,000 buyers. NuORDER provides sales teams and buyers one central place to browse products and catalogs, access up-to-the minute sales and inventory data, and place orders from their computer or mobile app – 24/7/365. NuORDER is flexible and scalable, with a rich feature suite to support any business – regardless of whether you’re selling designer, denim, sporting or beauty products. For more information, visit NuORDER.com.