Fashion B2B Platform NuOrder Raises Venture-Backed Funding Round
(Bloomberg) -- NuOrder Inc., a merchandising platform connecting fashion brands and retailers, said it has raised $45 million in a new round of funding led by venture capital firms Brighton Park Capital and Imaginary Ventures.
NuOrder is valued at about $800 million at the round, said a person with knowledge of the matter who asked not to be identified because it was private. A representative for NuOrder declined to comment on the valuation.
Los Angeles-based NuOrder, founded in 2011, allows brands including Theory and Tapestry Inc.’s Coach and retailers to process orders for fashion merchandise and also operates virtual showrooms and trade shows. Its clients include retailers such as Saks Fifth Avenue, Nordstrom and Bloomingdale’s, according to a statement.
Many brands and retailers still manage their orders through phone calls, emails and in some cases even faxes, Mark Dzialga, managing partner of Brighton Park Capital. “What NuOrder does is provide the digital enablement and the digital transformation of helping the world’s leading brands manage their wholesale relationships,” he said in an interview.
NuOrder has recorded a 125% growth in revenue in 2020, said Heath Wells, the company’s co-founder. “Retail is just is evolving and we are agnostic of where that retail is,” Wells said.
During the coronavirus pandemic, NuOrder has branched out to help cash-strapped businesses with financing. It also works with an external provider to process payments, said co-founder Olivia Skuza.
“We conducted a large survey across both our brand and retail customer base and it was very loud and clear as it relates to brands getting paid fast and retailers needing more time to make payments,” Skuza said.
“I think the important thing for NuOrder is to just keep their head down focus on delivering excellent technological products because the industry needs it,” said Imaginary Ventures’ Natalie Massenet. “I think it’s a time when retail has an opportunity to really take advantage of these new tools.”
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