Enable raises $US94M Series C to catalyse the rapid growth of the rebate management category
Announcement posted by PR Deadlines 19 Oct 2022
SYDNEY - October 19, 2022. Enable, the collaborative rebate management platform, today announced that it has raised an oversubscribed $US94 million Series C financing round. Enable is included in Telstra Ventures' portfolio.
The round, which brings the company’s total funding to $US156 million since 2020, was led by global software investor Insight Partners with participation from Lightspeed Venture Partners, HarbourVest Partners, SE Ventures, PSP Growth and existing investors including Telstra Ventures, Norwest Venture Partners, Menlo Ventures and others.
This investment will be used to accelerate the growth of the company's rebate management platform, which manufacturers, distributors, and retailers use to easily manage their rebate strategies and turn them into an engine for growth. In addition to the raise, Philine Huizing from Insight Partners will join Enable’s board of directors.
Enable helps manufacturers, distributors, and retailers to take control of their rebate programs and turn them into an engine for growth. Starting with finance and commercial teams, Enable helps them better manage rebate complexity and optimise 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 the supply chain. Enable then creates a pathway for businesses to reach out externally to suppliers and customers, driving purchasing behaviour through one collaborative place to author, agree upon, execute on, and track the progress of deals.
"It's our goal to ensure rebate strategists, CFOs, and chief purchasing officers have the key information they need at their fingertips in order to drive the next best decision for their business," said Andrew Butt, Co-founder & CEO of Enable.
"Until now, it's been nearly impossible to get accurate, up-to-date, granular data that lets you understand your true rebate returns, and that lets you accurately forecast and accrue for rebates. Enable's rebate management platform lets you do this while collaborating internally and across your supply chain on one trusted platform."
As market forces like inflation, consolidation, direct-to-consumer efforts, and continually rising customer expectations shape and reshape supply chains like never before, Enable’s growth has been skyrocketing.
In this environment, efficient management of rebate complexity has become a critical challenge for manufacturers, distributors, and retailers. Rebates are key to driving behaviour and trust among supply chain partners, and they are also critical for rebuilding the loyalty and trust that has eroded due to market forces.
“Rebate management in spreadsheets is untenable today as rebates have become more frequent, complex and critical to profitability for millions of trusted trading relationships,” said Philine Huizing, Principal at Insight Partners.
“With Enable’s top-notch leadership team, tremendous growth, and scalable rebate product, the company is well-positioned to solve these challenges. We’re thrilled to partner with Andrew and team on this exciting next chapter in Enable’s ScaleUp journey.”
The funding comes at a time of rapid growth for Enable. The company is transcending its revenue goal and is on a trajectory to more than double its revenue by year end.
Along with surpassing key metrics, there has been a significant team expansion, from 100 employees two years ago to over 400 employees today, and thousands of companies are using Enable across North America, Europe, and Australia. To accommodate this growth, Enable opened a facility in Toronto, Ontario last year and a fourth location in Sydney, Australia last month.
ABOUT ENABLE
Enable helps manufacturers, distributors, and retailers to take control of their rebate programs and turn them into an engine for growth. Starting with finance and commercial teams, Enable helps you better manage rebate complexity with automated real-time data and insights, accurate forecasting and stronger cross-functional alignment. This lets you — and everyone in your business — know exactly where you are with rebates. Then you can extend Enable externally to suppliers and customers, setting them up with one collaborative place to author, agree upon, execute on, and track the progress of deals.
ABOUT INSIGHT PARTNERS
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet start-up and scale-up companies that are driving transformative change in their industries. As of June 30, 2022, the firm has over $80B in regulatory assets under management. Insight Partners has invested in more than 700 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit w ww.insightpartners.com or follow us on Twitter @insightpartners.
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