SAN FRANCISCO, November 07, 2023--(BUSINESS WIRE)--Enable, the rebate management platform, announced today that it has raised $120M in Series D funding led by Lightspeed Venture Partners, with participation from all previous lead investors Menlo Ventures, Norwest Venture Partners, Insight Partners, and Sierra Ventures. This raise values the company at $1.12B and brings the total amount raised since 2020 to $276M.
In addition to the raise, the company is delighted to add two new members to its Board of Directors:
Tech industry powerhouse and visionary, Dan Levin. Levin is the former President and COO at Box and is a current member of Box’s board. He was instrumental in scaling the company and taking it public.
Arsham Memarzadeh is a Partner at Lightspeed where he helps lead the firm’s growth practice and primarily invests in product-driven enterprise software companies. In addition to Enable, he has led the firm’s investments in Axonius, ClickUp, Personio, Verkada, and Wiz.
"When we started this journey, rebates were quite often an afterthought, put in place because trading partners felt they needed to. Rebate programs were generally managed in Excel spreadsheets, and not well communicated. Their real value wasn’t understood," said Andrew Butt, Co-founder and CEO of Enable. "By helping the market to understand how to strategically use rebates for growth, and by demonstrating the financial outcomes our customers are achieving, we’re bringing to light what effective rebate management can deliver. Our customers average a 4x return on investment, save more than 40 hours a month, and can immediately return $300,000 or more. With this round of funding, we will drive even more financial outcomes for companies that are feeling the crunch of the supply chain and wanting to invest in their growth and partnerships."
The funding comes at a time of rapid growth for Enable. The company is on a trajectory to more than double its revenue by year end, having sustained triple digital annual growth every year since it first opened in the USA in 2019. Enable currently has five locations around the world with over 550 employees, and thousands of companies are using Enable's software globally. This capital injection will be used to accelerate the growth of the company's rebate management platform, making the product even faster to adopt, able to deliver even more actionable insight to unlock additional revenue and profit opportunities, and bringing on new team members to support global growth.
Driving the growth is the recognition that rebate management is more important than ever. The intricacies of the modern supply chain, influenced by global sourcing, complex vendor relationships, industry consolidation, and rising customer expectations, have created an environment where effective rebate management must play a pivotal role. Of the $100 trillion global trade estimated this year, partners are expected to influence more than 75%. Rebates are the partner incentive needed to protect margins, increase revenue, mitigate risk, lower costs, improve loyalty and more. It’s because of this that rebate management is a strategic imperative for every business operating within the supply chain.
"Rebate programs are becoming ever more complex. They now represent the majority of profit for distributors and retailers, and they are major growth drivers for manufacturers. These outcomes combine with growing recognition that rebates drive behavior far more effectively than traditional pricing and discount mechanisms. It's no longer optional to adopt a rebate management platform, and Enable is defining the future of the category," said Arsham Memarzadeh, Partner at Lightspeed Venture Partners. "Since investing in Enable’s Series C last year, they've exceeded our expectations in what has otherwise been a tumultuous environment for enterprise software businesses. Lightspeed could not be more excited to deepen our partnership with Enable and be a larger part of their journey."
Enable is the only rebate management platform that helps manufacturers, distributors, and retailers use rebate management as a strategic lever for growth, empowering finance and commercial teams to better manage rebate complexity and optimizing sales and profit with automated real-time data and insights, accurate forecasting, and stronger cross-functional alignment. This lets the teams—and everyone in the business—know exactly where they are with rebates internally and across their partners in the supply chain. Enable then creates a pathway for businesses to reach out externally to suppliers and customers, driving purchasing behavior through one collaborative place to author, agree, execute, and track the progress of deals.
"I am extremely excited to join the Enable board," said new Board of Directors member Dan Levin. "Enable is bringing clarity and predictability to the billions of dollars of rebates between manufacturers, distributors and retailers—and in doing so, is saving millions of dollars for companies every day. I am thrilled to mentor and guide the Enable team to continue to scale the business and create even more value for our customers."
Enable helps manufacturers, distributors, and retailers take control of their rebate programs and turn them into an engine for growth. Starting with finance and commercial teams, Enable helps companies to better manage rebate complexity with automated real-time data and insights, accurate forecasting, and stronger cross-functional alignment. This lets companies — and everyone in their business — know exactly where they are with rebates. Then they can extend Enable externally to suppliers and customers, setting them up with one collaborative place to author, agree, execute, and track the progress of their trading relationships.
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