NuOrder noted that it has grown by 125% during the past twelve months — a spike which the company attributes to the COVID-19 pandemic and businesses seeking to streamline their operations and increase their earnings. The startup mentioned in its announcement that less than a third of its gross merchandise volume comes from European companies.
The funding announcement follows the startup’s rollout of its wholesale payment service in late January. Meanwhile, the company said Saks Fifth Avenue, Bloomingdale’s and Nordstrom use the platform for all their buying and selling.
“It’s a pivotal time for the industry and more important than ever for NuORDER to deliver innovation to brands and retailers globally to help them succeed,” Olivia Skuza, co-founder and co-CEO of NuORDER, said in the announcement. “The new capital allows us to accelerate our vision with key investments in product and engineering, and we feel fortunate to have such a great set of partners championing and supporting our growth.”Retail Dive