Insight Partners leads USD 94m Series C for Enable

The round, which takes the company's funding raised since 2020 to USD 156m, also saw participation from Lightspeed Venture Partners, HarbourVest Partners, SE Ventures, PSP Growth and existing investors including Norwest Venture Partners, Menlo Ventures, Telstra Ventures, and others, according to a press release.

Philine Huizing from Insight Partners will join the board of directors of Enable, which was founded in the UK and has headquarters in San Francisco, California.

"We've been on a rapid tear of growth over the past few years, and this Series C financing is the result of that," co-founder and CEO Andrew Butt told Unquote. "I'm a believer that you should raise money when you don't need to and that's what happened here. We started talking with Insight Partners when we were raising our Series B. We stayed in touch and they monitored our progress and growth."

New York City-headquartered Insight Partners has over USD 80bn in regulatory assets under management as of June 30, 2022, according to the press release. Insight Venture Partners XIII registered with the Luxembourg Registry in June 2022. It is expected to follow its predecessor's strategies and invest in software-enabled services and internet companies, as well as SaaS companies, according to Unquote Data.

Enable managed to tap into a market that has had a lot of external forces impacting it negatively, but not a lot of positive help, said Butt. For instance, the distribution market alone is facing more consolidation than ever before, with the average size of distributor acquisitions increasing by 35%, according to McKinsey, he added.

The investment will be used to accelerate the growth of the company's rebate management platform, used by manufacturers, distributors and retailers. Enable is on a trajectory to more than double its revenue by year end, according to a press release.

It will continue to build more products that help increase trust and collaboration and decrease the friction between partners in the supply chain, said Butt. It recently released two products that allow trading partners to work in alignment when signing off agreements and showcase the biggest rebate opportunities, providing a summary of program performance, among others. Its newly launched special pricing agreements, promotions, and commissions products let businesses manage special pricing agreements (SPAs). These are one-time retrospective discounts used by a manufacturer to help a distributor close a deal with a specific customer.

Enable opened a facility in Toronto, Ontario last year and a fourth location in Sydney, Australia last month to increase real-time support and serve as a hub for the region, he said. "We always want to be where our customers need us, which is why we expanded from the UK to the US and then opened up in Canada and most recently in Australia," he said. "There are definitely more possibilities for offices, including in Europe."

Company
Founded in the UK in 2016 by Andrew Butt and Denys Shortt, Enable sells access to a platform that helps business-to-business (B2B) companies manage their rebate programs. Via automated real-time deal term and sales incentive data, it provides insights into manufacturers, distributors and retailers accurately forecast and stronger cross-functional alignment into what is owed versus collected, the status of rebate deals and what's on deck. The company now employs over 400 employees, having expanded from 100 two years ago, and serves more than 10,000 companies across North America, Europe, and Australia. It has offices in Stratford-upon-Avon in the UK, San Francisco, Toronto, and Sydney.

People
Enable − Andrew Butt (co-founder & CEO).
Insight Partners − Philine Huizing (principal).

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