Virtual buying platform Nuorder has raised $45 million in additional funding. Nuorder.
The Los Angeles-based virtual showroom, launched in 2011, has closed a new round of funding led by Brighton Park Capital as well as Imaginary Ventures, founded by Massenet and Nick Brown, bringing its total funding to date to $85 million. Mark Dzialga, managing partner at investment firm Brighton Park, which focuses on software and information services, will also take a seat on the board of directors.
During the pandemic, online platforms like Nuorder, which digitise the buying process for retailers, experienced an uptick in demand. While in-person showroom meetings are likely to return as lockdowns are lifted, store buyers will be expected to take fewer business trips than in the past, which means much of the technology used by Nuorder will remain crucial in the post-pandemic world.
Over the past year, Nuorder has increased revenue by 125 percent and broadened its representation of European brands, which now account for 30 percent of its gross merchandise value. Nuorder has also brokered exclusive deals with US retailers including Saks Fifth Avenue, Nordstrom and Bloomingdale’s.
“I have seen first-hand how slowly the fashion and retail industry adapts to change without a tipping point, and this past year has been another critical inflection point for many,” Massenet said in a statement. “There has been much focus over the last few decades on the consumer end of retail, but little advancement in the ways the industry operates behind the scenes. Nuorder has built the much-needed technology….”
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