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UK-Founded Enable Hits Unicorn Status with £100m Raise

Denys Shortt OBE met Andrew Butt at the age of 16 whilst flying helicopters.  In 2000 together they started Enable Software.

2 Minutes

/ 10th November 2023

The startup was based at DCS Group in Stratford-upon-Avon for several years with just a few employees.  It now has a team of 600 located in San Francisco, Toronto, Sydney, and Stratford-upon-Avon.

The UK-founded rebate management platform Enable has secured a unicorn valuation of $1.12bn after raising $120m (£98m).

The Series D round attracted investment from Lightspeed Venture Partners, Menlo Ventures, Norwest Venture Partners, Insight Partners and Sierra Ventures.

It gives Enable, which provides software for businesses to manage their B2B rebates, a pre-money valuation of $1bn. It means Enable has achieved the sought-after status of unicorn in a year when many tech companies have been forced to slash valuations.

Now headquartered in San Francisco, US, Enable’s software is used by businesses throughout the supply chain. Customers include Advanced Auto Parts, Douglas Dynamics and Chadwell Supply.

Co-founded by CEO Andrew Butt with Denys Shortt, Enable provides automated workflow tools to assist businesses in negotiating rebates with partners and buyers.

“We believe rebates are powerful incentives that motivate trading partners to drive desired behaviours for mutual success,” said Andrew Butt

“And we believe that rebates can be strategically deployed to restore the health of the supply chain through partner collaboration, where each partner serves as an extension of the other.”

He added that Enable is rolling out new tools, including inventory rebate accounting and special pricing agreements.

It is Enable’s fourth funding round since 2020 and brings the total capital it has raised to $276m. The company’s previous raise came in October 2022, when it secured $94m in Series C funding.