UK-founded Enable, formerly known as DealTrack, has raised $94 million in an oversubscribed Series C round. The company, which now calls San Francisco home, helps manufacturers, distributors, and retailers better operate their rebate programmes. The new funding is expected to help the company further accelerate its growth, although no specifics were cited. Since 2020, Enable has raised $156 million.
Enable’s $94 million Series C round was led by Insight Partners with Lightspeed Venture Partners, HarbourVest Partners, SE Ventures, PSP Growth, and existing investors including Norwest Venture Partners, Menlo Ventures, Telstra Ventures, and “others” participating. Enable’s previous investors also include Peter Wendell's Sierra Ventures, Alumni Ventures, Gaingels, and MIT alumni fund Castor Ventures.
Rebates. It’s ok to admit you (and me too) love ‘em. Sure, they require a few extra steps, but with energy bills (and just about everything else) on the rise, saving a few bucks here and there is worth the effort. And while it might mean filling out a form or two for me and you, what we, the average consumer, don’t see is the industry behind these programmes. Specifically, those that manage them and in Enable’s case, those that help those who manage them.
Due in part to a perfect storm of market forces including inflation, consolidation, direct-to-consumer efforts, and ever-rising customer expectations, Enable reports skyrocketing growth rates and vendors are pulling out all the stops to lure in cash-conscious consumers and keep their bottom lines relatively stable. But more so, rebates are fundamental in driving behavior and trust among supply chain partners.
“Rebate management in spreadsheets is untenable today as rebates have become more frequent, complex, and critical to profitability for millions of trusted trading relationships,” said Insight Partners Principal Philine Huizing. “With Enable’s top-notch leadership team, tremendous growth, and scalable rebate product, the company is well-positioned to solve these challenges.”
If Enable were simply helping manufacturers, distributors, and retailers better manage their rebate programmes, that would be enough alone. However, where we separate the wheat from the chaff is in the fact that the company not only accomplishes the above mission but goes the extra mile, converting the process into a self-described, “engine for growth”.
Beginning with the crucial finance and commercial teams, Enable provides a comprehensive solution that helps these keep-things-in-the-black teams not only manage the complexities of rebate programmes, but also further optimises sales and profits via automated real-time data and insights reporting, accurate forecasting, and improved cross-functional alignment.
Ultimately, this better bottom-line process allows everyone in the business to know exactly where they are with rebates both internally and across the supply chain. Enable then creates a pathway for businesses to reach out externally to suppliers and customers, driving purchasing behaviour through one collaborative place to craft, agree upon, execute, and track the progress of deals. Win/win.
"It's our goal to ensure rebate strategists, CFOs, and chief purchasing officers have the key information they need at their fingertips in order to drive the next best decision for their business," explained Enable co-founder and CEO Andrew Butt. "Until now, it's been nearly impossible to get accurate, up-to-date, granular data that lets you understand your true rebate returns, and that lets you accurately forecast and accrue for rebates. Enable's rebate management platform lets you do this while collaborating internally and across your supply chain on one trusted platform."