NuOrder Inc., an online wholesale marketplace where 300,000 buyers can shop among more than 300 brands across eight product categories, is looking to expand its range of products and services.
The company is getting plenty of help to carry out its mission. It recently received $8 million in Series B financing from investment firm Argentum and other investors, bringing its total funding to $21.9 million.
Walter Barandiaran, managing partner at Argentum, says NuOrder has developed a marketplace that effectively brings together brands and retailers that previously may have been unlikely to seek out new products or markets to sell them in. “NuOrder has reimagined wholesale for brands and retailers who have never been more eager to grow and differentiate themselves,” says Barandiaran, who has joined NuOrder’s board.
He adds, “We see a strong upward trajectory of growth in the B2B e-commerce market and we are thrilled to partner with [NuOrder] founders Heath Wells and Olivia Skuza.” Wells and Skuza are co-CEOs of NuOrder.
NuOrder, which launched its marketplace in 2012, features products from eight categories: Apparel, Footwear & Accessories, Consumer Electronics, Toys/Kids/Baby, Beauty & Healthcare, Health & Wellness, Food & Beverage and Pet Supplies. The company says buyers have purchased some $5 billion in merchandise on its trading platform.
Buyers can use mobile devices or desktop computers to browse products by categories or seasons, trade product details and comments with colleagues as well as suppliers, and complete online orders. NuOrder recently launched version 4.0 of its marketplace platform, including new tools for brands to manage marketing campaigns, new integration with email programs to let brands and suppliers exchange product details, and a new mobile app for buyers and brands to exchange information and process orders.
NuOrder charges participating brands an annual fee ranging from as low as $7,000 to as high as $100,000 or more. A spokeswoman says the annual fee is designed to suit “very small” as well as large brands, and depends on such factors as the number of sales reps that use the platform, the set of online features they license, the services they use, and the extent they integrate NuOrder into their own software systems for such operations as managing orders, product data, inventory and financial records. NuOrder charges no fees to retailers.
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