Enable also plans to use the funds to enhance its product innovation efforts. Here are the top-line bullets you need to know.
Enable, a provider of cloud-based software tools for B2B rebate management, has raised $45M in Series B funding. The round drew participation from Norwest Venture Partners, Menlo Ventures, and Sierra Ventures.
How is the company performing?
- UK-based Enable is a provider of cloud-based rebate management solutions to assist distributors, manufacturers, and retailers across 50 industries.
- The company moved to San Francisco from the UK in 2020 and its employee count grew to 60 in North America.
- Over the last year, Enable has reportedly grown its revenue and customer base by 3x.
- The company’s clients include Grafton Group, Morrison, SIG, Wolseley, and Travis Perkins, among others.
Why does the market matter?
- The global accounting software market is projected to grow at a CAGR of 8.5% and reach a value of $19.59B by 2026, according to Mordor Intelligence.
- The market is seeing increased adoption of online banking, cloud-based accounting, and tax compliance software by small businesses and entrepreneurs, given their cost-effectiveness and convenience.