California-based collaborative rebate management platform Enable raised $94 million in a Series C funding round led by Insight Partners. The startup plans to use the money to boost the development of its platform for managing rebates.
Participating investors included Lightspeed Venture Partners, HarbourVest Partners, SE Ventures, PSP Growth, Norwest Venture Partners, Menlo Ventures, and Telstra Ventures. The round brought the company’s fundraising to $156 million since 2020.
The money comes at a time when Enable is expanding quickly. The business is exceeding its revenue target and is on track to more than double its revenue by the end of the year. The team has grown significantly, from 100 people two years ago to over 400 employees today, exceeding essential benchmarks.
Enable’s growth has been soaring as market pressures like inflation, consolidation, direct-to-consumer initiatives, and consistently rising customer demands change and reconfigure supply chains like never before.
Enable is used by thousands of businesses in Australia, Europe, and North America. Enable established a facility in Toronto, Ontario, last year and the fourth location in Sydney, Australia, this month to handle this growth.
Manufacturers, distributors, and retailers now have an extreme challenge managing rebate complexity effectively. Rebates are essential for motivating behavior and restoring the loyalty and trust that market pressures among supply chain partners have damaged.
Enable empowers companies to use rebates as a growth engine
Through automated real-time data and insights, forecasting, and cross-functional alignment, starting with the finance and commercial teams, Enable empowers manufacturers, distributors, and retailers to take control of their rebate program and transform them into an engine for development.
“Rebate management in spreadsheets is untenable today as rebates have become more frequent, complex, and critical to profitability for millions of trusted trading relationships,” said Philine Huizing, Principal at Insight Partners.
“Enable’s top-notch leadership team, tremendous growth, and scalable rebate product, the company is well-positioned to solve these challenges. We’re thrilled to partner with Andrew and the team on this exciting next chapter in Enable’s ScaleUp journey,” added Huizing.
The startup then develops a route for companies to communicate with consumers and suppliers externally, influencing purchase decisions through a single collaborative location to the author, agree upon, execute, and monitor the status of deals.
“Until now, it’s been nearly impossible to get accurate, up-to-date, granular data that lets you understand your true rebate returns and accurately forecast and accrue for rebates. Enable’s rebate management platform lets you do this while collaborating internally and across your supply chain on one trusted platform,” said Andrew Butt, Co-founder & CEO of Enable.