Prominent UK startup Enable is raising $13 million in Series A funding to come to the rescue of manufacturers, distributers, and retailers by helping them manage rebate through a cloud-based rebate management solution.
The funding is spearheaded by Menlo Ventures and includes the participation from Sierra Ventures. It is worth noting that Steve Sloane of Menlo Ventures has joined hands with the Enable.
Enable streamlines tracking, managing and optimization of rebates for distributors. Rebates incentives provided by suppliers have become a common phenomenon as offering of rebates are bring counted on by distributors to turn a profit.
That said, the tracking and validating of qualifying terms and the agreement placed forward have not gone well with the back office as several wasted hours on behalf of parties involved are being observed.
Enable is vying to bridge the gap between suppliers and distributors by introducing digitization in the whole process. Andrew Butt from Enable notes that their fully automated platform has become the system of record for all B2B deals, including a breakdown of location, product, supplier, day, customer, and the reconciliation of purchase and sales transactions with respect to those deals.
The company is also enabling customers to create better and targeted deals which boost profit and sales, enhance cash flow and bolster relationships with suppliers. The company is believed to go through identification process of the existing deals and hunts the place of creation of new deals.
Butt claims that manufacturers are issuing over $1 trillion in rebates each year. He goes on to add that the company has on-boarded over 2,000 trading partners processed rebates on over $30 bn sales in the last two years.
For the record, Enable was founded by Andrew Butt and Denys Shortt in 2015, which was fully launched in 2017.