Kinnek, a New York City-based marketplace for small businesses to find suppliers and manage purchasing, received $20m in Series B funding.
The round was led by Thrive Capital with participation from previous investors Matrix Partners, Sierra Ventures, Version One Ventures, and Angelpad, as well as individual investors Naval Ravikant and Benjamin Ling. In conjunction with the funding, Thrive Capital’s Managing Partner, Josh Kushner joined Kinnek’s board of directors.
The company intends to use the funds to accelerate expansion to meet demand from new industries, increase marketing efforts, and grow the engineering and sales teams.
Co-founded by CEO Karthik Sridharan and COO Rui Ma, Kinnek currently supports small businesses across a range of industries and is planning to expand the service to several new sectors in the coming year.
The platform is already handling more than $1 billion in quotes per year.