Fashion B2B Platform NuOrder Raises $45M In Venture-Backed Funding Round: Bloomberg

Fashion B2B merchandising platform NuOrder Inc raised $45 million in a new round of funding led by venture capital firms Brighton Park Capital and Imaginary Ventures, Bloomberg reports. NuOrder was valued at $800 million.

• Los Angeles-based NuOrder, founded in 2011, enabled brands including Theory and Tapestry Inc (NYSE: TPR) Coach and retailers to process orders for fashion merchandise and operated virtual showrooms and trade shows. The company's clients included Saks Fifth Avenue, Nordstrom Inc (NYSE: JWN), and Bloomingdale's.
• Many brands and retailers still manage their orders via phone calls, emails, and faxes. Interestingly NuOrder offers digital enablement and digital transformation, thereby assisting leading global brands in wholesale relationship management as per Brighton Park Capital managing partner Mark Dzialga.
• NuOrder recorded a 125% revenue growth in 2020 as per co-founder Heath Wells. The company had extended financing aid to cash-strapped businesses during the pandemic. The company also worked with an external provider to process payments, as per co-founder Olivia Skuza.
• Skuza's recent survey across brand and retail customer base showcased the importance of faster brand payment and buffer payment time required by retailers.
• Imaginary Ventures' Natalie Massenet believed that it was the right time for the retail industry to capitalize on NuOrder's technological products.
• NuOrder recently launched an innovative payment solution, NuORDER Payments, enabling direct acceptance of credit card payments by NuORDER brands via wholesale platforms eliminating third-party payment gateway or process payments over the phone. The payment solution drove order volumes, reduced administrative work, and enabled data protection to customers.