# Nuvo Raises $34M to Modernize B2B Trade with its “LinkedIn for Business” Platform

## Nuvo Raises $34M to Modernize B2B Trade with its “LinkedIn for Business” Platform

Nuvo, a San Francisco-based startup aiming to streamline the often-antiquated process of B2B trade, has secured $34 million in Series A funding led by Sequoia Capital and Spark Capital. The company, founded in 2021, is building a social-like platform designed to facilitate easier purchasing of physical goods between businesses.

This Series A round follows an earlier, undisclosed $11 million seed round in early 2022, spearheaded by Founders Fund and Index Ventures. The impressive roster of investors also includes Foundation Capital, Human Capital, Susa Ventures, and notable angel investors like Gokul Rajaram, Instacart founder Max Mullen, Rippling COO Matt MacInnis, Samsara founders Sanjit Biswas and John Bicket, and Flexport founder Ryan Petersen.

Co-founded by CEO Sid Malladi and CTO Rameez Remsudeen, Nuvo aims to address the inefficiencies plaguing the $11 trillion B2B trade industry in the United States. This industry, which encompasses the purchase of physical goods such as lumber and electronic parts, heavily relies on outdated communication methods like faxes, phone calls, and emails.

Nuvo’s platform provides a way for businesses to create profiles and connect with trade partners, creating a centralized hub for information and communication. Malladi, a former product manager at Yelp, likens it to a “LinkedIn for B2B trade.”

The platform helps businesses to quickly connect with new trade partners, access crucial information like creditworthiness and banking data, and verify their counterparts. By improving verification processes, Nuvo hopes to reduce instances of fraud, loss, delays, and overall administrative overhead.

“Any volatility, for tariffs or other reasons, causes shifts in trade partnerships across all businesses that need to respond to changes in price, risk, or other parameters,” Malladi told TechCrunch. “None of this can happen smoothly when relying on pen-and-paper processes.” With global tariffs and economic uncertainty on the rise, a platform like Nuvo could be more critical than ever.

So, how does it work? Sellers invite buyers to join the platform, who can then connect with other sellers. Real-time verification of business identity profiles is a core feature. Users can also access customer references, credit reports, FICO scores, and license verifications directly within the Nuvo dashboard.

Sequoia partner Bryan Schreier sees significant potential in Nuvo’s approach. “The potential for network effects reminds us of other great companies Sequoia has been fortunate to partner with, including payments giants PayPal and Stripe,” he explained. “As new customers join Nuvo, they bring their buyers and sellers with them, and in the process, create a data platform that keeps getting better. By bringing B2B commerce online, Nuvo is enabling businesses to grow with confidence and security.”

While other companies, like HighRadius, offer similar solutions, Nuvo emphasizes its network-centric approach. “The key difference is that Nuvo isn’t a single-player SaaS tool. It’s a network,” Remsudeen said. “It’s like comparing your contacts app to Facebook when it comes to managing your social relationships.”

Nuvo currently boasts 42 employees and expects to have around 50,000 businesses in its trade network by the end of the second quarter, including prominent names like Great Dane, Southern Glazer’s Wine & Spirits, and Fender. The company operates on an annual subscription fee model.

Currently focused on industries like alcohol & beverage, building materials, chemicals, distribution, food service, and manufacturing, Nuvo plans to expand into new verticals and add features like payments and AI. International expansion is also on the horizon, with the company eyeing markets in Mexico, Latin America, Europe, and the Asia-Pacific region.