NetNow, a trade credit automation platform, has raised $1.8 million in pre-seed funding. Ripple Ventures led the investment round, which included Centre Street Partners, Antler, Motivate Venture Capital, and Day One Ventures.
NetNow also received a grant from Intuit after being named “The Most Customer Obsessed Company.”
NetNow automates the credit and collections process for wholesalers and distributors. The platform aims to modernize B2B credit management in industries that have relied on outdated processes. NetNow uses technology to bring automation, integration, and flexibility to this sector.
The new funds will speed up the development of AI-driven features in NetNow’s platform.
NetNow streamlines trade credit automation
These features simplify documentation, improve data analysis, and generate risk scores and metrics.
NetNow offers solutions for industries like building materials, including lumber yards, steel mills, and HVAC supply houses. It improves credit management for new and existing contractors and construction projects. Nauman Hafeez, CEO of NetNow, said, “The NetNow platform was created to streamline the most time-intensive aspects of applying for credit, to prioritize what truly counts.
We aim to continue working with the incredible Credit Executives who have helped us shape our product into what it is today and pioneer a digital-first approach to credit management.”
Matt Cohen, Managing Partner at Ripple Ventures, said, “NetNow is uniquely positioned to be the first credit management platform that prioritizes the building materials industries like lumber, steel, concrete, and agriculture. Their world-class team is dedicated to accelerating sales and credit approvals for industries that can benefit most from this technology. As a trailblazer in SaaS credit solutions, the platform’s growth is powered by automation, AI, and customization, which stands to open up lucrative revenue opportunities.”
NetNow’s approach to automating trade credit processes is a big step forward in an industry that needs modernization.
The latest funding shows strong support for the company’s vision and potential for significant market impact.
