Nuvo Raises $45 Million to Extend B2B Trade Infrastructure Into New Verticals
Nuvo has raised $45 million to extend its B2B trade infrastructure into new verticals and deepen its reach in its core markets.
The company’s infrastructure is used by more than 50,000 businesses to activate new partnerships with customers and vendors and manage their trade relationships, Nuvo said in a Wednesday (April 30) press release.
Nuvo’s infrastructure enables companies to exchange verified profiles with potential partners, providing instant access to verification status, creditworthiness, banking information and trade history, according to the release.
The firm’s current core markets include alcohol and beverage, building materials, chemicals, food service, distribution and manufacturing, per the release.
“Continued innovation, growth and accessibility of goods in the global economy require a new kind of technology infrastructure, and that’s what we’re building at Nuvo,” Sid Malladi, co-founder and CEO of Nuvo, said in the release.
Bryan Schreier, partner at Sequoia Capital, which co-led Nuvo’s Series A funding round, said in a Wednesday post on LinkedIn that Nuvo addresses a $5 trillion market and is “off to a quick start” with thousands of businesses relying on its platform.
“If you’ve operated a business, you are familiar with ‘Terms,’ AKA Trade Credit,” Schreier said in the post. “This is how B2B has been done since the beginning. Suppliers provide products, and their customers pay them weeks later — the products are provided on credit. But that $5 trillion in credit represents the last frontier of business without rails. And Nuvo has built those rails and the network effect that comes with it.”
Susa Ventures, which participated in the round, said in a Wednesday post on X: “Three years ago, we partnered with Nuvo to help build the infrastructure that accelerates trade of physical goods. Today, they’re serving 50,000+ businesses and just announced their Series A led by [Sequoia Capital and Spark Capital]. We’re excited to celebrate this milestone and the road ahead.”
When Nuvo added business credit reports and business principal credit reports from Equifax to its platform in April 2024, Melinda McBride, senior vice president of partners and emerging markets at Equifax, said in a press release that data-driven insights can help businesses spot hidden risk and make more informed credit decisions.
“Our relationship with Nuvo will help make this information even more accessible so that businesses can continue to get access to the capital and services they need to grow,” McBride said.
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