November 17, 2014
OrderWithMe, a retail innovation and inventory solutions company, today has announced $28 million in additional financing, led by existing investors which include Vegas Tech Fund, SOSVentures, BaseVC and Tony Hsieh with additional participation from Silicon Valley Bank, Pentland Group, Advantage Capital and several others.
Jonathan Jenkins, CEO of OrderWithMe, moved the company to Downtown Las Vegas a little over a year ago after meeting with partners in the Vegas Tech Fund. Soon after moving into their new headquarters, a renovated motel space, OrderWithMe raised a Series B round of $6M. The new capital will be used to continue to fuel growth and launch new innovative solutions for independent retailers, and represents the first announced “double-down” of reinvestment from Vegas Tech Fund.
“OrderWithMe’s first three years were spent identifying the pain points across the entire inventory purchasing and management process and building the technology to help streamline this process.” said Jonathan Jenkins, CEO of OrderWithMe. “Now we have a full solution that helps small businesses manage their inventory purchases all the way from electronic purchase orders to invoices and payments.”
The OrderWithMe platform accelerates transactions and improves profitability at every stage of the supply chain from manufacturers to retailers. OrderWithMe has built its own proprietary B2B payments network and financial solutions for its suppliers and retailers. Recently, the company brought on William Reid, former Director of Innovation for PayPal, to run its new payments business.
“OrderWithMe has a huge opportunity to truly disrupt B2B payments with its vast network of suppliers and buyers,” said Reid. “The unique business model allows us to scale quickly as we support groups of independent retailers to act as one big account to our suppliers. This provides retailers the ability to make all of their inventory purchases through us while lowering their costs and improving their cash flow.”
Now in eight different verticals including bike shops, bakeries, children’s stores, photo & printing, and in service industries such as plumbing and HVAC, OrderWithMe works with established partners in each industry to quickly bring on key suppliers and retailers.
To date, OrderWithMe’s partners represent over $3.2 Billion in annual purchasing volume and the company has multiple other industry partners lined up to launch new industries over the next few months.
“The funds from this round will be used to scale operations to support growing demand for the OrderWithMe solution and to launch an upcoming product targeted to help OrderWithMe’s retailers bring a new consumer experience into brick-and-mortar stores,” said Jenkins.
As reported earlier today, the OrderWithMe team appears to have big plans for the holiday season in Downtown Las Vegas. Check it out!
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