Enable: B2B Rebate Management Platform

Enable Secures $45 Million in Series B Funding

Enable, a company specializing in cloud-based software for business-to-business rebate management, has announced the successful completion of a $45 million Series B funding round on Wednesday.

Investment Details

Norwest Venture Partners spearheaded the funding initiative, with contributions from existing investors Menlo Ventures and Sierra Ventures, alongside a cohort of angel investors. This latest investment brings the company’s total funding to $62 million, building upon a $13 million Series A round secured in 2020.

Company Background and Growth

Founded in 2015 by Andrew Butt and Denys Shortt, Enable initially launched operations in the U.K. before relocating to San Francisco in 2020. The company’s core technology is designed to automate the creation, implementation, and monitoring of rebates for both distributors and manufacturers.

These programs are a standard practice within the industry, serving as a crucial profit source for distributors.

Recent Achievements and Future Plans

Following the Series A funding, CEO Andrew Butt relocated to the Bay Area. Enable significantly expanded its North American team to 60 employees, achieving a threefold increase in revenue and a more than threefold expansion of its customer base, as reported to TechCrunch.

The newly acquired funds will be strategically allocated towards product development and the expansion of sales and marketing teams.

“The initial Series A funding allowed us to demonstrate success in the U.S. and Canada, and facilitated the recruitment of a U.S. leadership team,” Butt explained. “Recognizing the growing market opportunity and increasing momentum, we initiated a scaling-up of the business.”

Evolving Incentive Landscape

Enable observed a shift in customer requirements, with incentives becoming increasingly vital for revenue and profitability. Consequently, the need for more adaptable and targeted incentive programs emerged. In essence, incentives have transitioned “from broad-stroke tools to highly precise instruments in both scale and quantity,” according to Butt.

Doubling year-over-year revenue marked a significant milestone for the company. Butt’s immediate focus is on fully staffing the team to sustain this growth trajectory. While the market for incentives is substantial, “there is a distinct lack of viable competition,” prompting the company to prioritize building its distribution and sales infrastructure.

New Board Member

Over the past year, Butt connected with Sean Jacobsohn, a partner at Norwest Venture Partners, who subsequently joined Enable’s board of directors as part of the investment.

Jacobsohn initially took notice of Enable when the company appointed Jerry Brooner as its president of global field operations and requested an introduction. He had been following Brooner’s career path after his departure from Scout, a Workday company, and the appointment piqued his interest.

Why Invest in Enable?

Jacobsohn highlighted that Enable possesses all the qualities he seeks in an investment: a capable CEO, a strong team, and positive customer feedback – with many expressing dissatisfaction with existing legacy software solutions.

“I am particularly drawn to companies targeting large markets with limited competition,” Jacobsohn stated. “This presents a significant opportunity to establish a new category and become the leading cloud-based provider. Creating such a position requires substantial domain expertise, something that cannot be easily replicated.”