This week, UK-founded Enable, formerly known as DealTrack, raised $120 million in a Series D funding round at a $1.12 billion valuation. The company, which now calls San Francisco home, helps manufacturers, distributors, and retailers better operate their rebate programmes.
Lightspeed Venture Partners led the round with all previous lead investors Menlo Ventures, Norwest Venture Partners, Insight Partners, and Sierra Ventures participating. Since early 2020, Enable has raised a total of $276 million.
Rebates for all
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 who manage them and in Enable’s case, those who help those who manage them.
Driven in part by a perfect storm of market forces including inflation, consolidation, direct-to-consumer efforts, and ever-rising customer expectations, Enable has seen skyrocketing growth rates and vendors are pulling out all the stops to lure in cash-conscious consumers and keeping their bottom lines relatively stable.
But more so, rebates are fundamental in driving behavior and trust among supply chain partners.
Engine for growth
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”.
In conjunction with the announcement, Enable co-founder and CEO Andrew Butt shared:
“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.”
Lead image: Photo by Leo