OrderGroove, a New York, NYC-based provider of subscription and membership commerce solutions, has raised more than $6.7m in Series B venture capital financing.
The round was led by Fung Capital USA, with participation from Lerer Ventures, Legend and SWaN Ventures, Allegro Venture Partners, Bee Partners, as well as former Walmart.com CEO Raul Vazquez and NEW Corporation’s Chairman Fred Schaufeld.
The company intends to use the capital to introduce new products and services to its platform, hire key people in engineering, services, sales and marketing, as well as expand into new verticals and channels.
Led by Greg Alvo, founder and CEO, OrderGroove provides a SaaS-based subscription commerce platform that enables brands to identify and interact with their new and existing customers and increase sales, building customer retention, maximizing lifetime value, and slashing customer defection rates.
Clients include brands and retailers such as Grainger, L’Oreal, Jockey, NBTY, Freshpair and Lot18, among others.