How Much Did Order Raise? Funding & Key Investors

Order has successfully raised funding through multiple rounds, including a Series B round that closed on January 25, 2022. The platform offers a comprehensive solution to streamline procurement processes for businesses, featuring centralized order management, consolidated payments, and customizable workflows.

Keep reading to explore the intricacies of Order's fundraising journey and the investors backing this innovative platform.

What Is Order?

Order, founded in 2016, is headquartered in New York City. The company was established by Thomas Jaklitsch and Zachary Garippa.

Order operates as a guided B2B marketplace, simplifying the buying process for businesses. It helps companies place orders, control spending, and submit payments across their vendors.

With a team of 101-250 employees, Order leverages predictive applications and embedded fintech to deliver tailored procurement solutions.

How Much Funding Has Order Raised?

1. Pre-Seed Round
   • Amount Raised: Not publicly disclosed
   • Date: September 2017
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To establish initial operations and develop the platform.
2. Convertible Note
   • Amount Raised: $100K
   • Date: February 2016
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To secure early-stage funding for product development.
3. Seed Round
   • Amount Raised: $4.6M
   • Date: August 2018
   • Lead Investors: 645 Ventures
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand the team and scale the platform.
4. Series A
   • Amount Raised: $10M
   • Date: February 2020
   • Lead Investors: Rally Ventures
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To enhance product features and increase market reach.
5. Series B
   • Amount Raised: $30M
   • Date: January 2022
   • Lead Investors: Stage 2 Capital via MIT's Endowment
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To accelerate the payments business and advance product development.

Total Amount Raised: $44.7M

Current Valuation: Not publicly disclosed

Key Investors

• Stage 2 Capital
  • Details: Stage 2 Capital led the Series B round for Order and has been an investor for two years. Jay Po, Managing Partner and Co-Founder, expressed strong support for Order's mission and team.
  • Investment Focus Areas: Business process modernization, B2B, financial services.
  • Notable Investments: Not publicly disclosed.
• MIT's Endowment
  • Details: MIT's Endowment, a $30 billion+ fund, participated in the Series B round via a direct investment. Seth Alexander, Chief Investment Officer, highlighted their long-term investment approach.
  • Investment Focus Areas: Mission-driven companies, business operations.
  • Notable Investments: Not publicly disclosed.
• Rally Ventures
  • Details: Rally Ventures led the Series A round for Order. They focus on early-stage technology companies.
  • Investment Focus Areas: Technology, SaaS, enterprise software.
  • Notable Investments: Not publicly disclosed.
• 645 Ventures
  • Details: 645 Ventures led the Seed round for Order. They invest in early-stage companies with high growth potential.
  • Investment Focus Areas: Technology, SaaS, consumer internet.
  • Notable Investments: Not publicly disclosed.
• Ankona Capital Partners
  • Details: Ankona Capital Partners participated in the Series B round for Order. They focus on growth-stage technology companies.
  • Investment Focus Areas: Technology, growth-stage companies.
  • Notable Investments: Not publicly disclosed.

What's Next for Order?

Order stands at the cusp of significant growth opportunities, driven by its mission to simplify business purchasing through embedded fintech solutions. With nearly half a billion in annualized spend and revenue growth between 200%-300% annually, the company is poised to expand its customer base and enhance its product offerings. The integration of payments and financial services into their purchasing tools positions Order to capitalize on the increasing demand for streamlined procurement processes.

Future fundraising opportunities appear promising, given the involvement of high-profile investors and strategic advisors. Additional funding rounds could further accelerate their payments business and support continuous innovation. However, Order may face challenges in managing rapid growth, maintaining high net revenue retention, and competing with other integrated purchasing solutions. Navigating these hurdles will be crucial for sustaining their upward trajectory.

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