INSUBCONTINENT EXCLUSIVE:
Nuvo, a company that has built a social-like platform to facilitate easier purchasing of physical goods between businesses, has raised a $34
million Series A from Sequoia Capital and Spark Capital, it tells A Technology NewsRoom exclusively.The San Francisco-based startup
previously raised $11 million in an undisclosed seed round led by Founders Fund and Index Ventures in early 2022
Other institutional backers include Foundation Capital, Human Capital, and Susa Ventures.Angel investors Gokul Rajaram, Instacart founder
Max Mullen, Rippling COO Matt MacInnis, Samsara founders Sanjit Biswas and John Bicket and Flexport founder Ryan Petersen, among others,
also have written checks into Nuvo.Sid Malladi, CEO and co-founder, started Nuvo in 2021 with CTO Rameez Remsudeen to give businesses a way
to create profiles they can share with trade partners
Think of it as a LinkedIn for B2B trade.The purchase of physical goods, such as lumber and electronic parts, by businesses, along with the
credit agreements that support these purchases, is an $11 trillion industry in the United States
former product manager at Yelp, told A Technology NewsRoom
businesses more quickly connect with trade partners, as well as gain faster access to information such as creditworthiness, banking data,
By helping businesses connect and verify each other, Nuvo claims it can also lead to fewer instances of fraud, loss, delays, and less
Those buyers in turn can connect with additional sellers
Users create a business identity profile, and the platform verifies their information in real time
Users can also get customer references, credit reports, FICO scores, and license verifications in the Nuvo customer dashboard
In addition, customers gain the potential to connect with new suppliers, secure better credit terms, and streamline their own purchasing
distribution, food service and manufacturing
