B2B electronic commerce enterprise NuOrder secures $45 million in funding
NuOrder Expands into European Market with Strategic Partners
NuOrder, a leading business-to-business (B2B) e-commerce platform, has announced its expansion into the European market. The company has secured $45 million in funding from Brighton Park Capital, Imaginary Ventures, and other investors, which will be used to facilitate its ability to reshape commerce, payments, data, finance, and discovery between brands and retailers.
As part of this expansion, Natalie Massenet, co-founder and managing partner of Imaginary Ventures and founder of Net-A-Porter, will serve as a board member and strategic partner. Massenet's expertise in the fashion industry and experience in building successful e-commerce businesses will undoubtedly prove invaluable as NuOrder seeks to establish itself in the European market.
Olivia Skuza, co-founder and co-CEO of NuOrder, stated that the new capital will allow the company to accelerate its vision with key investments in product and engineering. The company is seeking to attract more retailers to its client roster and expand its presence in the European market.
NuOrder has grown by 125% during the past twelve months, which the company attributes to the COVID-19 pandemic and businesses seeking to streamline their operations and increase their earnings. The company's growth is evident in its client roster, which includes Saks Fifth Avenue, Bloomingdale's, and Nordstrom, all of which are using the NuOrder platform for all their buying and selling.
However, the European B2B e-commerce space is competitive. NuOrder's main competitors in the region include OroCommerce, Sana Commerce Cloud, SAP Commerce Cloud, and Virto Commerce. These platforms have strong capabilities in handling complex B2B workflows and integrations, making them formidable competitors.
NuOrder, powered by Lightspeed, differentiates itself with real-time tools, digital showrooms, and buying collaboration suited for the fashion and apparel industries. However, the core platform competes broadly against these enterprise and mid-market B2B e-commerce solutions across Europe.
Mark Dzialga, managing partner of Brighton Park Capital, will also join the company's board to help NuOrder grow internationally in payments and online marketplaces. Less than a third of NuOrder's gross merchandise volume comes from European companies, indicating a significant opportunity for growth in the region.
In January, NuOrder rolled out its wholesale payment service, and it seems the company is poised to make a significant impact in the European market. Under Armour's decision to exit between 2,000 and 3,000 wholesale doors and Nike's closure of wholesale accounts with nine retailers, including Belk, Dillard's, Fred Meyer, and Zappos, as they shift to a direct-to-consumer strategy, may also present opportunities for NuOrder.
As NuOrder expands into the European market, it will face stiff competition. However, with strategic partnerships, significant funding, and a focus on the fashion and apparel industries, NuOrder is well-positioned to carve out a niche for itself in this competitive space.
[1] Source: Forrester Research, Inc. [2] Source: Lightspeed [3] Source: NuOrder website
- The COVID-19 pandemic has contributed to NuOrder's growth of 125% over the past twelve months.
- In January, NuOrder introduced its wholesale payment service, suggesting a potential for significant impact in the European market.
- As NuOrder expands into the European market, it will face stiff competition from platforms such as OroCommerce, Sana Commerce Cloud, SAP Commerce Cloud, and Virto Commerce.
- With the new funding, NuOrder aims to accelerate its growth, attract more retailers, and leverage AI technology to differentiate itself in the European B2B e-commerce space.
