Nuvo, a network for B2B trade, has nabbed $34M from Sequoia and Spark Capital

Navo, a company that has built a social platform to facilitate the purchase of physical goods between the company, has raised $ 34 million in series A from Sequoi Capital and Spark Capital, Techcrunch says exclusively.

Startup based in San Francisco has previously raised $ 11 million in the undiscovered seed circle led by the founder fund and Index Ventures in early 2022. Other institutional supports include foundation capital, human capital and Susa ventures.

Angel Investors Gokul Rajaram, Instacart -Aa Max Mullen, Rippling Coo Matt Macinnis, Samsare Sanjit Biswas and John Bickket founder and Flexport -Ryan Petersen founder, also wrote checks in that also wrote checks Navo.

Sid Malladi, executive director and co-founder, began Navo in 2021 with CTO Rameez Remsudeen to provide companies with a way to create profiles that they can share with trade partners. Imagine this as LinkedIn for B2B store.

Buying physical goods, such as wood and electronic parts, by the company, together with credit contracts that support these purchases, is an industry of $ 11 trillion in the United States. But it is an industry that remains to be tormented by old-fashioned methods of communication, such as faxes, telephone calls and e-mails, Remsudeen says.

And with the tariffs that are located, the need for such a platform was probably never greater.

“Any volatility, for tariffs or other reasons, causes changes in trade partnerships in all companies that need to respond to changes in prices, risk or other parameters,” said Malladi, a former manager of the product in Yelp, for Techcrunch. “None of this can happen smoothly when they rely on pen and paper processes.”

Nuvo wants to help companies faster to connect with trade partners, as well as faster access to information such as credit skills, banking data and partner history. By helping companies to connect and check each other, Navo claims that it can also lead to fewer cases of fraud, loss, delay and less administrative directing.

So, how does that work? Sellers invite customers to join the platform. These customers in turn can be associated with additional sellers. Users create a business identity profile, and the platform checks their real -time data. Customers can also get customers references, credit reports, FICO results and licenses on the NUVO supervisory board. In addition, customers get the potential to connect with new suppliers, provide better credit conditions and simplify their own purchase processes, notes partner Sequoia Bryan Schreier.

“The potential for network effects reminds us of other major Sequoia companies was lucky that partners, including Giants Paypal and Stripe,” he told Techcrunch. “As new customers join Navo, they bring with them their customers and sellers, and in the process they create a data platform that gets better. By bringing B2B Commerce Online, Nuvo allows companies to grow with confidence and security.”

There are other companies trying to do similar things, including Highradius, Malladi noted.

“The key difference is that Nuvo is not a tool for one Saas player. It’s a net,” Remsudeen said. “It’s like a comparison of a Facebook contact application when it comes to managing your social relationships.”

By the end of the second quarter, Nuvo, who currently has 42 employees, will have about 50,000 companies in their trade network, including Great Dane, Wine & Spirits Southern Glazer’s Wine & Spirits and Fender. The company is currently charging an annual subscription.

Navo -ov core markets are alcohol and drinks, building materials, chemicals, distribution, food and production services. He wants to expand to new verticals, as well as features such as payment and AI. It also tries to expand internationally and observe markets such as Mexico, Latin America, Europe and the Asian-Pacific Region.