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SaaS Start-Up Enable Raises $13 Million to Transform the Supply Chain

Menlo Ventures leads Series A Investment in Cloud-Based Rebate Management Solution for the Deal Economy


SAN FRANCISCO – WEBWIRE

Enable, a modern software solution to help distributors, manufacturers and retailers manage rebates, today announced a $13 million Series A funding round led by Menlo Ventures with participation from Sierra Ventures. As part of this funding round, Menlo Ventures’ Steve Sloane joins the board.  

Enable makes it easy for distributors to track, manage, and optimize rebates. Rebate incentives are a common industry practice, but they create complexity in the back office where setting terms, validating compliance, and tracking a broad range of incentive tiers that may be adjusted for volume or region, is a highly manual process managed in spreadsheets. Enable is a SaaS solution that brings order to the chaos, providing an upfront deal collaboration portal between distributors and suppliers, as well as a backend engine to correctly calculate and manage these payments. The opportunity is staggering: Manufacturers issue more than $1 trillion in rebates each year.   

The previously bootstrapped company’s impressive early momentum attracted top-tier investors. In the last two years, more than 2000 trading partners have collaborated on Enable’s software to track and operationalize rebates issued on more than $30 billion in sales. Customers include Rexel, Travis Perkins, and Wolseley, as well as other distributors, buying groups, and retailers from across the US, Canada, and Europe. 

“Enable ensures our rebate agreements are centrally recorded,” said Barney Craft, Finance Manager, Rebates at Travis Perkins. “Enable found missing rebates that we were able to collect. Now, we can spot opportunities and collect rebates on time.”

“Enable will transform the supply chain: It’s a no-brainer for customers to abandon spreadsheets and hours of manual labor for Enable: They win hours of their day back, deliver more value to customers, and amass better data to inform their incentive programs,” said Steve Sloane, Partner at Menlo Ventures and active SaaS investor. “Andrew and the Enable team’s experience gives them a unique lens on the opportunity, making them the perfect team to bring this product to market.  Their success to date proves that point.” 

The inspiration for Enable came when founders Andrew Butt and Denys Shortt OBE met. Shortt was building what is now the UK’s largest distributor of health and beauty products. He knew that in order to be successful, his company needed to completely align itself with – and be a seamless extension of – the brands it represented, such as Proctor & Gamble, Gillette and Unilever. This meant creating joint business plans where customer and product-specific sales targets are agreed, and incentives are rebated when targets are achieved. But the management of these rebates was an administration nightmare. Having built and exited previous software companies, Butt envisioned a SaaS application to solve this need, and after launching an early version of the product, received significant interest from distributors and manufacturers who had the same challenges, culminating in the birth of Enable.

“Enable’s mission is to unlock the power of the deal economy. This funding will allow us to grow our team, expand our reach and build out our product offering,” said Butt, co-founder and CEO of Enable. “We are excited to partner with Steve at Menlo Ventures. They have a great track record in SaaS and understand the supply chain opportunity.” 

Enable is hiring. For a complete list of open positions, visit Enable.com

About Enable 
Enable is the SaaS pioneer for the Deal Economy – over $1 trillion in rebate funds designed to reward profitable growth. Enable’s product helps companies acquire, retain, and better serve their customers by working collaboratively with their trading partners using joined-up plans and incentive programs. Visit us at www.Enable.com or follow us on YouTube, Twitter, or LinkedIn.

About Menlo Ventures
Menlo Ventures is a venture capital firm that strives to have a positive impact on everything we do. That’s why we support businesses including Betterment, Carta, Roku, Poshmark, Uber, and Warby Parker that are reimagining life and work for the better. Over 43 years we’ve grown a portfolio that includes more than 70 public companies, over 100 mergers and acquisitions, and $5.5 billion under management. We invest at every stage and in every sector, with expertise in Consumer, Enterprise, and Healthcare. From developing market strategies to creating communities, we provide real impact where entrepreneurs need it most. When we’re in, we’re all in.

About Sierra Ventures
Sierra Ventures is a Bay Area based early-stage venture firm investing globally with a focus on Next Generation Enterprise and Emerging Technologies. With over three decades of experience and over $2 billion of assets under management, Sierra has created a vast network of successful entrepreneurs, Global 1000 CXOs, operational executives, and deep domain experts, providing a platform for entrepreneurs around the world. For more information visit https://www.sierraventures.com.

 

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 Rebate
 Rebate Management
 Funding
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 Supply Chain


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