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

Nuvo, a company that built a social -like platform to facilitate the purchase of physical goods among companies, collected a 34 million dollar chain of Sequoia Capital and Spark Capital, says Techcrunch exclusively.

The San Francisco -based start -up company raised 11 million dollars in an unannounced seed tour led by the Funds Fund and Index Projects in early 2022. Among the other founders are basic capital, human capital and Susa Ventures.

Gokul Rajaram, founder of InstaCart Max Mullen, crowned Matt Macinnis, the founders of Samsara Sanjit Biswas, the founder of John Bickket and Flexport Ryan Petersen, among others, written checks in Nuvo.

In 2021 with CTO RAMEZ Remsudeen to give companies a way to create profiles they can share with commercial partners. Think about it as LinkedIn for the B2B trading.

Buying physical goods, such as wood and electronic parts, by companies, as well as credit agreements that support these purchases, are an industry of $ 11 trillion in the United States. But it is an industry that still suffers from old communication methods such as fax, phone calls and email messages, says Remzodine.

As the definitions loom on the horizon, the need for such a platform is likely to be greater.

“Any fluctuations, for definitions or other causes, causes commercial partnership shifts in all companies that need to respond to changes in price, risks or other parameters,” Maladi, the former product manager at Yelp, told Techcrunch. “None of this can happen smoothly when relying on pen and paper operations.”

Nuvo wants to help companies more quickly communicate with commercial partners, as well as get faster access to information such as credit, banking data and partner history. By helping companies communicate and verify each other, Nuvo claims that they can also lead to less fraud, loss, delay and less administrative expenditures.

So, how does it work? The sellers invite buyers to join the platform. In turn, buyers can contact the additional sellers. Users create a work identity profile, and the statute of their information is achieved in actual time. Users can also obtain customer references, credit reports, FICO scores, and licensing actions in Nuvo customer information panel. In addition, customers acquire the ability to communicate with new suppliers, provide better credit conditions, and simplify their purchases, and Sequoia Bryan Schreier.

He told Techcrunch: “The potential of the network’s effects reminds us of other great companies, Sikoya was fortunate to partnership with it, including the giants Paypal and a tape.” “With new customers joining Nuvo, they bring buyers and sellers with them, and in this process, they create an improvement data platform. By bringing B2B Commerce Online, Nuvo enables companies to grow with confidence and safety.”

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

“The main difference is that Nuvo is not a single player Saas tool. It is a network,” said Remisod. “It is like comparing your contacts application with Facebook when it comes to managing your social relationships.”

By the end of the second quarter, Nuvo, which currently includes 42 employees, will have about 50,000 companies in its commercial network, including Great Dane, Southern Glazer’s Wine & Spirits and Fender. The company currently receives annual subscription fees.

Nuvo’s basic markets are alcohol, drinks, building materials, chemicals, distribution, food and manufacturing service. He looks forward to expanding the new vertical as well as advertising features such as payments and AI. It also seeks to expand internationally and looks forward to markets such as Mexico, Latin America, Europe, Asia and the Pacific.