Digital Wholesale Ordering Platform Raises $8.5M in Funding
Mable, a digital platform that provides a wholesale ordering platform to independent grocers, emerging brands and regional distributors, has raised $8.5 million in a Series A funding round. Venture capital firm Venrock led the round, along with existing investors Accomplice and Founder Collective, and new investor Underscore. Mable intends to use the funding to beef up its team, further its product capabilities and continue building a nationwide network of distribution partners.
The platform links brands, regional distributors and retailers to enable more efficient inventory procurement. It gives brands a new distribution channel, offers retailers an easy way to find new products and restock their shelves, and allows distributors to offer their customers advanced e-commerce.
“We’re the only platform connecting all three constituents in the grocery space,” noted Arik Keller, founder and CEO of Boston-based Mable, who was formerly with PayPal. “Three years ago, I purchased a small grocery store and was shocked at how inefficient it was to discover new brands and keep the shelves stocked. So, in early 2020, I launched Mable to make it easier for stores, brands and regional distributors to work together. Our goal is to level the playing field with a solution that will completely change the way inventory gets from a supplier to a shelf.”
Startup food brands have historically found it difficult to increase their wholesale business without capital investment or being brokered by a big distributor. Since launching in 2019, Mable has added more than 600 brands and 6,000 products on its site, and the company said it had an 80% success rate of connecting brands to new retail accounts.
Besides PayPal, other members of the Mable team are retail and commerce experts from Wayfair and ezCater.