Nuvo Raises $34M Series A for B2B Trade Platform

Nuvo, a San Francisco-based startup founded in 2021, has secured a $34 million Series A funding round led by Sequoia Capital and Spark Capital. The company, which offers a social-like platform for B2B trade, allows businesses to create profiles and connect with trade partners, streamlining the purchasing of physical goods. In addition to the recent Series A, Nuvo had previously raised $11 million in a seed round from investors like Founders Fund, Index Ventures, Foundation Capital, Human Capital, and Susa Ventures, as well as from notable angel investors.

The platform aims to modernize the $11 trillion industry of purchasing physical goods between businesses in the United States, which still relies on outdated communication methods like faxes and phone calls. With plans to expand internationally and into new verticals, Nuvo is set to transform B2B commerce with features like payments and AI. The company is targeting markets in Mexico, Latin America, Europe, and the Asia-Pacific region.

By the end of the second quarter, Nuvo expects to have about 50,000 businesses in its trade network, spanning various industries such as alcohol & beverage, building materials, chemicals, distribution, food service, and manufacturing. Nuvo operates on an annual subscription fee model and is aiming to reduce instances of fraud, loss, delays, and administrative overhead for businesses utilizing its platform.