Supply chain companies managed their entire profit margins in spreadsheets
Andrew Butt · He raised $275M in the last 3 years. His 'boring' B2B startup is now a $1B unicorn. | Andrew Butt... · PMF Show · Apr 1, 2024 · at 8:51
Andrew Butt, founder and CEO of Enable, describes the state of rebate management before dedicated software solutions.
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“There was no software that could do that. And all these companies were using spreadsheets to manage what was becoming all of their profit.”
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Enable reached $2.5M ARR with just 20 customers by late 2019
“We got to 20 something customers and 2.5 million of ARR or something on the product. So that took us probably three or four years to do that. So by say the end of [2019] that's where we'd got to.”
Enable routinely identifies millions in missing rebates for single enterprise customers
“Some of our early customers and ongoing as well. We certainly have found multi-millions in a single customer and it's not always that much. It might be a few 100,000, but it does run into the millions as well.”
Andrew Butt sent staff to collect physical checks to make payroll
“I remember I sent someone in the office to go and pick up a check from a customer because I literally couldn't make the payroll, you know, without that, that cash in the bank.”
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“The Series A was the most difficult of all of the rounds, so we were very fortunate that the B, C, and D were kind of all preempted, so really investors came to us, and it was, whereas the Series A was really me, a couple of my team knocking on doors”