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NuORDER, the Leading Fashion Wholesale Platform, Announces Series A Financing Led by GRP
Nov 08, 2012 (05:11 AM EST)
Contributing more than $3 million in capital to the innovative commerce platform, Investors in the first round include Greycroft, Aileen Lee, David Tisch, Creative Artists Agency, Brian Spaly, Mortimer Singer and Rachel Zoe Inc.
LOS ANGELES, Nov. 8, 2012 /PRNewswire/ -- NuORDER, the leading digital wholesale solution founded by Heath Wells and Olivia Skuza, has secured over $3 million in growth capital. The groundbreaking software now utilized by the world's leading fashion brands and over 40,000 retailers has acquired impressive backing from a global network of fashion icons and venture capitalist power players. GRP has led the first round, with additional investment by Greycroft, Aileen Lee, David Tisch, Creative Artists Agency, Brian Spaly, Mortimer Singer and Rachel Zoe Inc.
NuORDER is poised to revolutionize the fashion industry with an innovative two-way sales solution and marketplace that allows users to conduct their wholesale business online. Eliminating the need for pen and paper, the cloud-based platform empowers brands to sell more in less time and allows retailers to make purchases more effectively. In short, NuORDER is e-commerce for wholesale.
In a class of its own, NuORDER provides the most feature-rich enterprise ready platform wrapped in a beautiful fashion-forward interface. Brands are able to create custom line sheets, place orders, and update inventory in real time, and the offline iPad app allows brands to conduct business anytime, anywhere. Buyers can access collections online and are able to place digital orders with ease. The technology is scalable to both large and small businesses, integrates seamlessly with users' back-of-house systems and supports all currencies.
"Much has been written about e-commerce innovation for consumers yet there is equal value in using modern technology to transform the way the supply chain works," said Mark Suster of GRP Partners. "We were blown away by NuORDER and the quality of the product its co-founders Heath Wells & Olivia Skuza have built that links retailers directly to fashion brands to streamline ordering. We have been investing in this sector for 20 years. We believe that NuORDER is positioned to have a major impact on how brands ultimately reach their target market."
Helmut Lang, Levi's, Elizabeth and James, Adidas, Ted Baker, Cheap Monday, Alternative Apparel, and Citizens of Humanity are among the top labels that use NuORDER to facilitate their core wholesale business.
Over 750,000 units have been sold through NuORDER in the last 12 months, and independent research has shown a 17.6% sales increase after brands adopted the solution.
"We are here to give the fashion industry the game-changing tools to navigate wholesale business more efficiently than ever before," said Heath Wells, NuORDER co-founder. "Olivia and I value that our investors recognize the market gap NuORDER fills and the immense potential of the solution to transform the industry. Their support will provide us with the opportunity to propel the growth and product development of NuORDER, which is the most comprehensive and user-friendly solution on the market. The development pipeline is very exciting."