The company that has created a social -like platform to facilitate the easier purchase of physical equipment between businesses has collected the Million 34 million series A from Sequatia Capital and Spark Capital, specially telling the Tekkarch.
San Francisco -based Startup earlier raised $ 11 million in an unknown seed round led by founders’ funds and index ventures in early 2022. Other organizational supporters include Foundation Capital, Human Capital and Sosa Ventures.
Angel Investor Gokol Rajram, founder of Instacart, Max Mullen, Republic COO Matt McNes, Sanjit Biswas, founder of Samsara and John Baket and Flex Port founder Ryan Patterson, have also written checks among others. Novo.
The CEO and co -founder, Seed Moldi, launched Novo with CTO Remsodine in 2021 to provide businesses with a way to make profiles to share with commercial partners. Think of it as B2B trade Link LinkedIn.
With the purchase of physical goods, such as wood and electronic parts, through business, with credit contracts supporting these purchases, the United States has a $ 11 trillion industry. But it is an industry that suffers from old -fashioned methods of communication such as fax, phone calls and emails, Ramsoden says.
And with the pile of prices, the need for such a platform can never be high.
“For any type of volatility, prices or other reasons, Maladi, a former Yelp product manager, told Tech Crunch, which causes a change in trade partnerships in all businesses that need to respond to changes in price, risk or other parameters.” “When relying on the pen and paper process, none of them can be easily.”
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The NUVO wants to help businessmen connect faster with commercial partners, as well as gaining faster access to information such as credit imports, banking data and partnership history. By helping businesses connect and confirming it, Novo claims that it may also cause fraud, loss, delay and low administrative overhead cases.
So, how does it work? Sellers invite buyers to join the platform. They can contact buyers in return. Users make a business identity profile, and the platform confirms their information in real time. Customers can also get customer references, credit reports, FICO scores, and licenses verification in the NUVO Customer Dashboard. In addition, consumers have the ability to connect with new suppliers, secure better credit terms and smooth their purchase process, noted by Sequrea’s fellow Brian Secure.
He told Tech Crunch, “The ability to influence the network reminds us of other great companies, which has been fortunate to have been fortunate, including paying giants Paypal and Strip.” “As new customers join Novo, they bring their buyers and sellers with them, and in this process, they create a data platform that keeps better. B2B is enabling the business to develop business with confidence and security, bringing trade online.”
There are other companies that try to do similar work, including hydradis, noted Maladi.
“The important difference is that Novo is not a single player sauce tool,” said Ramsoden. This is a network. ” When it comes to handling your social relationship, this is equivalent to comparing your contact app with Facebook. “
By the end of the second quarter, Novo, who currently has 42 employees, will have about 50,000 businesses in the trading network, including Great Dean, Southern Glazer’s wine and spirits, and fender. The company currently receives annual subscription fees.
Novo’s basic markets are alcohol and beverage, building equipment, chemicals, distribution, food service and manufacturing. It is spreading in a new vertical as well as enhancing the features like payments and AI. It is also trying to expand internationally and look at markets like Mexico, Latin America, Europe, and Asia Pacific.