NEW YORK, NY, OrderGroove, the leader in commerce enablement technologies for hundreds of brands and retailers, announced today a $20M Series C round of funding.
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The new round of funding comes from National Securities, whose portfolio includes Lyft, Palantir and Coursera. The round more than doubles OrderGroove's total funding to $37M, including investments from Lerer Hippeau Ventures, SWaN & Legend Ventures, Western Technology Investment, Silicon Valley Bank, FYRFLY Ventures, Bee Partners and Stage One Capital and Scott Booth. Booth is the founder of Lead Edge Capital, an early investor in Alibaba and a recent appointee to OrderGroove's Board of Directors.
The company will enhance its omnichannel Subscription Enablement Platform and introduce new frictionless consumer technologies beyond subscriptions that shorten the buying cycle for the trillions of dollars spent annually on consumer goods. The Series C funding will also drive investments in product innovation, data science, sales and client success.
'Commerce is undergoing the greatest disruption since the advent of eCommerce, and it's becoming harder and harder for retailers and brands to keep up with the pace of innovation,' said Greg Alvo, CEO and founder of OrderGroove. 'Additionally, companies like Amazon are changing consumers' expectations. They're mastering how to build lifetime relationships with consumers versus purely processing transactions. But brands and retailers have significant assets both online and offline that, when coupled with technology and data from a network of hundreds of companies, will empower them to defend and expand their market share. Our Series C round of capital enables us to invest in the technology, expertise, and data science our clients need to transform their business and match the rapidly changing expectation of their customers.'
The OrderGroove Commerce Platform and Network enables brands and retailers to transform how they interact with consumers. Companies like Walmart, Toys'R'Us, PetSmart, NestlĂ©, L'OrĂ©al and GNC use OrderGroove to establish lifetime relationships with their customers through subscription and membership services. Today, OrderGroove activates millions of these consumer relationships through their technology both online and in physical retail stores, generating repeat sales and recurring revenue.
'OrderGroove is uniquely positioned to help mainstream brands and retailers fight the onslaught of competition with constant innovation that removes friction from the consumer's life,' said Scott Booth, OrderGroove Board Member and early Alibaba investor. 'OrderGroove has the technology, data, team and client network to deliver best-in-class subscriber experiences for the world's biggest companies.'
With a network of hundreds of major brands and retailers, OrderGroove connects companies and customers to create new experiences and relationship on-ramps that enhance the buying experience. Its platform removes the barriers and friction of shopping so consumers can focus on the moments that matter most in life.
OrderGroove is a leading enterprise commerce platform. It is a pioneer in subscription and membership commerce, with a flexible SaaS-based platform that drives best-in-class subscription response and retention rates. The platform is designed specifically for the power of convenience, turning new and existing customers into repeat buyers, dramatically increasing sales, building customer retention, maximizing lifetime value and slashing customer defection rates.
Hundreds of brands and retailers depend on OrderGroove for its robust technology, data, and analytics, as well as an aggregated network of brands and retailers. The company is privately held and headquartered in New York, NY and backed by institutional investors including National Securities, Lerer Hippeau Ventures, SWaN & Legend Ventures, Western Technology Investment, Silicon Valley Bank, FYRFLY Ventures, Bee Partners and Stage One Capital. For more information, please see www.ordergroove.com.