Handshake, a maker of wholesale buy applications for mobile, will goal new abroad markets following raising a $fourteen million Sequence B. The round was led by Sozo Ventures and features returning buyers Emergence Capital, SoftTech VC, BOLDstart Ventures, MHS Capital, Place 9, and Most important Undertaking Associates.
Started in 2010, the New York-centered startup has now received a whole of $23.five million in funding. Founder and main government officer Glen Coates tells TechCrunch that Sozo Ventures, which focuses on bringing U.S. companies to new countries, will enable Handshake produce a tactic for expanding into Asia. It will also use its new funds to mature its engineering and solution groups and include far more capabilities to Handshake’s platform. Just one priority will be creating Handshake far more customizable to fit the desires of various shoppers.
Handshake differentiates from other wholesale buy applications (opponents include Pepperi, NetSuite, and TradeGecko) by focusing on mobile 1st and seeking to make its business software package as easy to use as customer applications. Coates suggests that when he started Handshake, good know-how for suppliers and distributors to market to consumers presently existed, but wholesale orders had been nonetheless managed utilizing outdated, cumbersome approaches.
“That aspect of the enterprise was operating on dreadful manual processes: pen and paper, fax, email, Excel, you title it. There had been essentially no good know-how options for B2B. There certainly wasn’t a fantastic native mobile app for the Apple iphone or iPad, which experienced just occur out,” he suggests.
Handshake started out with an app for sales staff members known as Handshake Rep, prior to launching an e-commerce app known as Handshake Immediate. The organization claims it now has 1,000 shoppers, who used its software package to manage 1.two million orders worth $two.five billion previous 12 months. Its consumers include Bugaboo, Roland New music, Silhouette, Starkey Hearing Technologies, and Vega.