Enable – a rebate management platform company – recently announced that it has raised $120 million in Series D funding led by Lightspeed Venture Partners, with participation from all previous lead investors Menlo Ventures, Norwest Venture Partners, Insight Partners, and Sierra Ventures. This raise values the company at $1.12 billion, bringing the total amount raised since 2020 to $276 million.
Along with the funding round, the company is delighted to add two new members to its Board of Directors: Tech industry powerhouse and visionary Dan Levin – who is the former President and COO at Box and is a current member of Box’s board. He was instrumental in scaling the company and taking it public. Arsham Memarzadeh is a Partner at Lightspeed, where he leads the firm’s growth practice and primarily invests in product-driven enterprise software companies. Along with Enable, he has led the firm’s investments in Axonius, ClickUp, Personio, Verkada, and Wiz.
The funding round comes at a time of rapid growth for Enable. The company is now on a trajectory to more than double its revenue by year-end, having sustained triple digital annual growth every year since it first opened in the USA in 2019.
Enable has five locations worldwide with over 550 employees, and thousands of companies are using Enable’s software globally. And this funding round will accelerate the growth of the company’s rebate management platform, making the product even faster to adopt, delivering even more actionable insight to unlock additional revenue and profit opportunities, and bringing on new team members to support global growth.
What drives growth is the recognition that rebate management is more important than ever. And the intricacies of the modern supply chain, influenced by global sourcing, complex vendor relationships, industry consolidation, and rising customer expectations, have created an environment where effective rebate management must play a pivotal role.
In the $100 trillion global trade estimated this year, partners are expected to influence more than 75%. And rebates are the partner incentive needed to protect margins, increase revenue, mitigate risk, lower costs, improve loyalty, etc. Because of this, rebate management is also a strategic imperative for every business operating within the supply chain.
Enable is known as the only rebate management platform that helps manufacturers, distributors, and retailers utilize rebate management as a strategic lever for growth, empowering finance and commercial teams to manage better rebate complexity and optimizing sales and profit with automated real-time data and insights, accurate forecasting, and stronger cross-functional alignment. This enables the teams (and everyone in the business) to know exactly where they are with rebates internally and across their partners in the supply chain. Then Enable creates a pathway for businesses to reach out externally to suppliers and customers, driving purchasing behavior through one collaborative place to author, agree, execute, and track the progress of deals.
KEY QUOTES:
“When we started this journey, rebates were quite often an afterthought, put in place because trading partners felt they needed to. Rebate programs were generally managed in Excel spreadsheets, and not well communicated. Their real value wasn’t understood. By helping the market to understand how to strategically use rebates for growth, and by demonstrating the financial outcomes our customers are achieving, we’re bringing to light what effective rebate management can deliver. Our customers average a 4x return on investment, save more than 40 hours a month, and can immediately return $300,000 or more. With this round of funding, we will drive even more financial outcomes for companies that are feeling the crunch of the supply chain and wanting to invest in their growth and partnerships.”
— Andrew Butt, Co-founder and CEO of Enable
“Rebate programs are becoming ever more complex. They now represent the majority of profit for distributors and retailers, and they are major growth drivers for manufacturers. These outcomes combine with growing recognition that rebates drive behavior far more effectively than traditional pricing and discount mechanisms. It’s no longer optional to adopt a rebate management platform, and Enable is defining the future of the category. Since investing in Enable’s Series C last year, they’ve exceeded our expectations in what has otherwise been a tumultuous environment for enterprise software businesses. Lightspeed could not be more excited to deepen our partnership with Enable and be a larger part of their journey.”
— Arsham Memarzadeh, Partner at Lightspeed Venture Partners
“I am extremely excited to join the Enable board. Enable is bringing clarity and predictability to the billions of dollars of rebates between manufacturers, distributors and retailers—and in doing so, is saving millions of dollars for companies every day. I am thrilled to mentor and guide the Enable team to continue to scale the business and create even more value for our customers.”
— Board of Directors member Dan Levin
