SaaS firm secures £11.2m from investor in Uber
Stratford-upon-Avon firm Enable has secured £11.2m in Series A funding.
The round was led by Menlo Ventures, which has previously invested in Uber and US glasses firm Warby Parker. It also saw participation from Sierra Ventures in its first ever equity raise.
Menlo partner Steve Sloane will join the firm’s board of directors following the investment.
Enable, which has a US headquarters in San Francisco, boasts clients including Wickes, Pets at Home, and Travis Perkins and has assisted in $30bn of sales and purchase deals. It said it has tripled its customer base in the last 12 months.
Its product is designed to help companies acquire, retain, and their customers by working collaboratively with their trading partners using joined-up plans and incentive programs.
The funding will be used to expand its share of B2B deals in North America and Europe, and expand into more vertical markets. It will also expand its US team and develop new
Andrew Butt, co-founder and CEO said: “Having demonstrated positive early traction with our product whilst bootstrapping, now is the perfect time to secure venture capital funding to start scaling the business and extending our reach.
Enable is the SaaS pioneer for the deal economy — over $1 trillion of rebate funds that are poorly managed and executed — to enhance profitable sales through the supply chain. We help companies acquire, retain and better serve their customers by working collaboratively with their trading partners using intelligent joined-up plans and incentive programs.”
Sloane added: “I’ve been really impressed by Andrew and the team’s execution thus far, and I am looking forward to the journey ahead.”