TLDR:
- NetNow, a provider of a trade credit automation platform, raised $1.8M in Pre-Seed funding.
- The round was led by Ripple Ventures, with participation from other investors.
NetNow, a Toronto-based company, specializes in revitalizing credit management systems for the building materials industry. They recently announced a successful $1.8M Pre-Seed funding round led by Ripple Ventures, with contributions from Centre Street Partners, Antler, Motivate Venture Capital, and Day One Ventures. In addition to this funding, NetNow also received a grant from Intuit for earning The Most Customer Obsessed company award. The company plans to use these funds to accelerate AI product development, focusing on simplifying documents, analyzing data, and generating risk scores and metrics.
Founded by Nauman Hafeez, Eli Costea, and Soroush Arghavan, NetNow offers a trade credit automation platform that caters to businesses in various industries such as lumber and building materials, electrical wholesale, HVAC, heavy equipment, roofing, general wholesale, and distribution. This platform allows credit teams to manage trade credit applications digitally, offering features such as digital forms for buyers, automated issuance of trade and bank references, streamlined workflows for quicker approvals, and access to key business data sources.
Overall, the funding secured by NetNow will enable them to further develop their AI technology and streamline credit management processes for wholesale and distribution businesses in a variety of industries.
