We at Orderful are really proud to announce we received $19M million in Series B funding in early September 2021. The funding represents our successes to date and gives us more dry powder to invest in customer convenience and growth. This brings our total funding to date north of $32M.
We’ve built the EDI platform that brings supply chains together. We deeply understand the problems that the EDI market has experienced for the last 40 years and have built one platform that solves these problems in one place. Legacy EDI environments are tangled webs of mappings and business rules, which are usually found in on-premise software that only experts can manage. Another main challenge with EDI is onboarding new trading partners, which includes sharing requirements, data validation, testing, setting up communication channels (AS2, FTP, VAN, HTTPS), and scheduling go-lives. Enterprises go through these steps with other enterprises they look to integrate data with. Uniquely, Orderful’s EDI platform provides modern, cloud infrastructure to our customers and a self-service portal for their supply chains to onboard and trade. Our customers can choose to integrate with our platform in either X12 or JSON, and our network automatically handles all of the data translation, validation, and communication.
Our platform uniquely benefits leaders as well as followers, and we provide mutual benefits to all supply chains. In an EDI trading partnership there is always an enterprise who sets the EDI requirements. We call them leaders, and there is always a partner who adheres to these requirements called the follower. Leaders connect to our API once and provide their followers a self-service portal to perform onboarding with them. Followers get the option of integrating in the data format of their choice (X12, JSON), choosing how they want to send and receive data (AS2, VAN, FTP, HTTPS), and they get to test their data on their own time by receiving real-time feedback from our validation engine. Followers also get to explore our network and make new EDI trading partnerships with a click of a button. Since they are already connected to our platform, their data is automatically transformed and can be used for new trading partnerships. The result is that the job can be done in hours rather than months. In most cases, trading partners complete testing in less than a couple hours. The mutual benefit is reduced time to onboard, eliminated errors and chargebacks, faster go to market, and one platform for supply chains to monitor the success of EDI onboarding.
As we continue to expand the size of our network, we get closer to accelerating the modernization of the supply chain and its data to make it more interconnected, visible, and reachable by every enterprise large and small. As our network grows, everyone wins. Enterprises that leverage our platform get immediate access to our network of thousands of pre-connected trading partners. This means that once an enterprise connects they have the ability to start testing with any trading partner that is listed on our network.
This round of funding is going to help us build more meaningful products and grow. Scale is a top priority as our transaction growth is up 30x from 2019. As we continue to onboard enterprise leaders and their supply chains, we will continue to see an uptick in our network growth and as a result transaction growth. Supply chains are relying on our platform to do business, and it’s of utmost importance for us to meet the demands of our customers.
We’ve already started making investments in product and engineering by growing our engineering team by 2x and will continue to build the best product for our customers and the market. Our growth will continue as we represent more and more enterprises.
The recent round was led by Dan Ward from GLP. Dan invests in supply chain technology companies including an Orderful customer and recent unicorn, Flockfreight.com. “The global supply chain is facing rapid change and requires innovation in order to keep up with the speed and demands of e-commerce. While the front-end of commerce has seen significant innovation over the past decade, much of the back-end of the supply chain is built on disparate systems and manual processes. We see significant investment opportunities in the modernization of the supply chains and Orderful provides a leap forward with EDI integration,” said Dan. Dan also joins the board of directors. The round was also backed by another new investor, Gaingles along with existing lead investors from previous rounds in Andreessen Horowitz and Initialized Capital.
We’re really excited about continuing to build the future of EDI integrations here at Orderful. We’re actively looking for talented engineers, products, and go to market candidates to contribute to our mission. If you are interested in learning more about our product or open roles, don’t hesitate to send us an email at email@example.com.