UK-Originated Enable Attains Unicorn Status with £98 Million Funding Round

Enable, a UK-founded rebate management platform, has reached unicorn status with a staggering valuation of $1.12 billion following a successful funding round that secured £98 million ($120 million). Notably, the Series D round garnered investments from prominent firms, including Lightspeed Venture Partners, Menlo Ventures, Norwest Venture Partners, Insight Partners, and Sierra Ventures.

This achievement marks a significant milestone for Enable, which offers businesses software solutions for B2B rebate management, bestowing upon it the coveted unicorn status during a year when many tech companies have faced valuation challenges.

Founded in 2016 with its roots in the UK, Enable has undergone remarkable growth, evolving into a 600-person company with a global presence across six continents. Currently headquartered in San Francisco, the United States, Enable’s software plays a vital role in businesses across the supply chain, counting notable customers like Advanced Auto Parts, Douglas Dynamics, and Chadwell Supply among its users.

Co-founded by CEO Andrew Butt and Denys Shortt, Enable provides automated workflow tools that facilitate businesses in navigating rebate negotiations with partners and buyers. According to Butt, rebates serve as potent incentives that encourage trading partners to promote desired behaviors for mutual success.

Moreover, he believes that rebates can be strategically deployed to enhance the supply chain’s health through partner collaboration, where each partner serves as an extension of the other. Enable is also introducing new tools, including inventory rebate accounting and special pricing agreements, to further bolster its offerings.

This marks Enable’s fourth funding round since 2020, bringing its total capital raised to a substantial $276 million. In October 2022, the company secured $94 million in Series C funding, reaffirming its strong position in the market and its commitment to revolutionizing rebate management for businesses worldwide.