SaaS startup Orderful raises $10mn to improve global transactional data trading
San Francisco-based startup Orderful announced today that it has raised US$10mn in a Series A funding round led by Andreessen Horowitz. Orderful will reportedly use the money to add additional features to its SaaS platform that connects supply chain players through electronic data interchange. Specifically, the money will be used to “improve the global supply chain by enabling suppliers to immediately trade transactional data with buyers.”
Founded in 2016, Orderful has so far received one seed round from Initialized Capital and otherwise supported itself through a bootstrapped approach, according to TechCrunch. Today, the company’s platform is host to around 1,000 retailers, 10,000 vendors and 5,000 carriers. A large part of the company’s next phase will reportedly be growing its user base.
“The demand for immediacy in the supply chain is growing. For example, with Amazon and Walmart competing for the fastest parcel delivery experience for consumers, the pressure pushed down the supply chain forces suppliers to level up to these new delivery standards,” said Erik Kiser, Founder and CEO, Orderful. “For the past 40 years, companies have built their own bespoke integration environments with a heavy reliance on consultants and managed service providers. Orderful’s API challenges the traditional integration infrastructure and eliminates the need for companies to build point-to-point EDI integrations. We’re solving the EDI integration problem in an automated, transparent, and scalable way.”
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Across supply chains, companies in buyer-supplier relationships often trade transactional data - ranging from purchase orders to shipment notices - in order to ease communication and often results in massive data exchange between potentially incompatible systems. Orderful’s hub sits between buyers and suppliers, allowing them to immediately onboard and trade EDI data without building custom integrations, alleviating a great deal of hassle and tedium for supply chain operators.
“Orderful has done a remarkable job of simplifying what is typically a messy and broken web of supply chain interactions,” said David Ulevitch, General Partner at Andreessen Horowitz. “We invested in Orderful because we believe Erik, the team, and the technology are solving a major challenge and are making it dramatically easier for companies to do business.”