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London, – Enable, a trailblazing startup that offers a platform to streamline rebate programs for business-to-business (B2B) companies, has successfully raised an impressive $94 million in an oversubscribed Series C funding round. The funding was led by Insight Partners, with participation from Lightspeed Venture Partners, SE Ventures, PSP Growth, and HarbourVest Partners.
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This brings the total capital raised by Enable to an impressive $156 million. The funds will be utilized to expand the team and venture into new markets, with a particular focus on Europe, according to CEO Andrew Butt, who revealed this in an exclusive interview with TechCrunch.
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While rebates are a common concept in the consumer space, their functioning differs slightly in the B2B landscape. B2B companies offer rebates to their customers when specific benchmarks are achieved, such as total spend, purchase of a collection of products, or successful marketing referrals.
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Managing and keeping track of these benchmarks and the progress towards achieving them can become a complex task, as it involves ensuring that customers receive the rebates they are entitled to, thereby fostering stronger business relationships.
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Enable, co-founded by Andrew Butt and Denys Shortt in 2016, aims to simplify the complexities of rebate management and transform them into profit drivers. The platform offers valuable insights into deal terms and sales incentives for manufacturers, distributors, and retailers. It facilitates visibility into the owed versus collected rebates, the status of rebate deals, and upcoming rebate activities.
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The idea for Enable was born from Andrew Butt’s own experiences in the B2B sector, including his involvement in co-founding Enable Informatix, a property management software-as-a-service vendor that was eventually sold to Sovereign Capital in 2010. Butt explained, “For many organizations, rebate and incentive data is typically tucked away in massive spreadsheets where one formula error will break everything. Often, this data is the responsibility of a single employee, meaning few people understand the data and how these deals work.”
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Contrary to such cumbersome approaches, Enable offers collaborative dashboards for authoring, executing, and monitoring the progress of rebate deals. The platform enables customers to create joint business plans and provides rebate activity forecasts, ensuring that companies can fulfill their rebate commitments.
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Recently, Enable unveiled a new product called special pricing agreements, designed to enhance transparency on claimbacks, which are agreements between distributors and manufacturers based on sales to a contractor. The platform has also introduced additional services to manage a broader range of incentives, including a module that aligns sales and pricing teams for large deals and a commissions system that tracks rebate status for manufacturers.
Andrew Butt emphasized that Enable’s main competitors are Microsoft Excel spreadsheets and overly complicated enterprise resource management platforms. The platform currently boasts around 10,000 users and has experienced accelerating growth since its expansion into the U.S. and Canada, with plans to end the year with a total of 435 employees across the U.S., U.K., Canada, and Australia.
“We’ve been extremely successful with our growth in this market, and [the Series C] round adds fuel to that growth. At the same time, it helps us extend our vision,” stated Butt. “Rebates are incentives. They are a key way to drive behavior between partners. It’s our vision to empower thriving partner ecosystems, so as we continue our growth, you’ll see us adding products that enhance partner alignment on goals and incentives while increasing transparency and easing friction, allowing every partner to flourish.”
Enable’s cutting-edge approach to B2B rebate management promises to revolutionize the landscape, driving efficiency, transparency, and profitability for businesses across the globe. As the platform continues to evolve and expand, it is set to create a positive impact on partner ecosystems and usher in a new era of seamless rebate management.