Rebate software firm Enable secures £1.4m from Barclays
Cloud-based B2B management software firm Enable has secured £1.4m in new funding from Barclays.
The firm, founded in the UK in 2000 has its fastest growing market in North America.
It will use the funds to grow its sales, marketing and product teams, with a focus on expanding its presence in San Francisco, where it US office is based.
The Stratford-upon-Avon headquartered firm said it has seen rapid growth in the last three years, since the launch of its DealTrack product.
Designed as a specialist rebate management system, the software is designed to helps suppliers, distributors and wholesalers to drive mutually profitable growth, while improving cash flow and reducing risk.
Its customers include USA-based Affiliated Distributors, Atco Rubber Products, and Lumbermans Merchandising Corporation. Recent wins in Cananda include Rexel and Wolseley.
The funding, from Barclays, brings the total secured from the bank to $2.4m.
“This funding will provide the support needed to execute the rapid expansion plans we have for the business, as we look to bring our DealTrack software to a wider global market,” said Andrew Butt, CEO of Enable.
Jim Quantrill, Relationship Director at Barclays added: “Enable has seen strong year on year growth. I am delighted we have been able to provide the funding to support the next phase of their expansion.”