Enable, a rebate management platform, recently announced that it has raised $120 million in a Series D funding round, valuing the company at $1 billion. The funding round was led by Lightspeed Venture Partners, Menlo Ventures, Norwest Venture Partners, Insight Partners, and Sierra Ventures. With this latest investment, Enable has raised a total of $276 million.
Enable provides a platform that helps businesses, specifically manufacturers, distributors, and retailers, keep track of their business-to-business (B2B) rebates. These rebates are often extended to customers when they achieve certain benchmarks, such as reaching a specific total spend or making a customer referral. However, managing and designing these benchmarks, as well as tracking a buyer’s progress towards them, can be a challenge.
Through its platform, Enable offers insights into B2B rebate deals and incentives, enabling businesses to co-author, propose, and execute rebate-related deals with their customers. The platform also includes automated workflows and auditing tools to facilitate the negotiation and management of rebates with partners and buyers.
Enable’s co-founder and CEO, Andrew Butt, was inspired to launch the company based on his experiences in the B2B space. He recognized the importance of rebates in the financial outcomes of manufacturers, distributors, and retailers and saw an opportunity to improve the management of rebate programs. Traditionally, rebate programs were tracked in Excel, but Enable aims to provide a more efficient and comprehensive solution.
Enable’s success can be attributed to its focus on driving revenue and margin growth for its customers. The company’s top-line revenue has doubled each year over the past four years, and it has amassed a customer base of over 10,000 brands. By strategically using B2B rebates, Enable’s customers have been able to protect margins, increase revenue, mitigate risk, lower costs, and improve customer loyalty.
Looking ahead, Enable plans to expand its offerings and continue its growth trajectory. The company recently acquired Profectus Group’s rebate deals management platform, allowing it to serve existing customers in Australia and enhance its audit and compliance technologies. Enable has also added support for special pricing agreements and inventory rebate accounting. With the proceeds from the Series D funding, Enable aims to invest in building collaborative products and scale its team to meet market demands.
Overall, Enable’s funding boost will further strengthen its position in the B2B rebate management space, enabling more businesses to streamline their rebate processes and drive revenue growth.
Frequently Asked Questions (FAQ)
What is Enable?
Enable is a rebate management platform that helps businesses, specifically manufacturers, distributors, and retailers, track and manage their business-to-business (B2B) rebates.
How does Enable work?
Enable provides a platform that allows businesses to co-author, propose, and execute rebate-related deals with their customers. The platform includes automated workflows and auditing tools to facilitate rebate management.
What are B2B rebates?
B2B rebates are discounts or incentives offered by businesses to their customers when certain benchmarks or conditions are met. These can include reaching a specific total spend, purchasing a product collection, or submitting a customer referral.
How does Enable help businesses manage rebates?
Enable surfaces B2B rebate deal and incentive data, providing insights into what rebates are owed and collected, as well as the status of customer agreements. The platform allows businesses to track and manage rebate programs in a centralized location.
What are the benefits of using Enable’s rebate management platform?
By using Enable, businesses can better manage rebate complexity with data and insights, forecast rebate outcomes, and improve cross-functional alignment. This helps protect margins, increase revenue, mitigate risk, lower costs, and improve customer loyalty.