1650 How He Kept Leverage in $15m Raise Despite ARR Being Less Than $25m Raised To Date

SaaS Interviews with CEOs, Startups, Founders

Nathan Latka

Ceo, Entrepreneurs, Founders, Software, Business, Entrepreneurship, Saas, Startups

4.6 • 683 Ratings

🗓️ 30 January 2020

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

Heath Wells is the CEO and Co-Founder of NuORDER, a B2B eCommerce platform that is revolutionizing the wholesale industry.

Heath is an entrepreneur at heart, starting his first Internet-based business at the age of 15 in Adelaide, Australia. From 2004-2008, Heath served as the Managing Director at Furst Media in Australia, where he and partner Olivia Skuza led the company to great success across publishing, creative, and digital commerce.

Today NuORDER is the leading B2B eCommerce platform. Headquartered in Los Angeles, and with offices in New York and London, NuORDER helps 800+ brands & 260k retailers transact over $2B in GMV annually. Heath’s passion, spirit for positive change, and unrelenting drive have been key factors in NuORDER’s current success, while his natural tendency for big thinking continues to propel the company’s creative innovation and shape the industry.

Transcript

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0:00.0	Founded the company in 2011, new order. Again, connecting, basically think of it like B2B e-commerce.
0:04.9	So Nordstroms can buy and bulk from many different brands or things like that. They've got about
0:08.8	thousand customers on the platform today, 400,000 merchants. They're flirting with it, call it 16, 17, 18
0:14.8	million bucks in terms of ARR, growing at about doubling year over year, spending anywhere between,
0:19.1	or burning anywhere between call it 200 and 250, 300000, $300,000,000, $300,000,000,000, $200,000,000,000,000, $200,000,000,000,000,
0:21.8	$200,000,000,000, $1,000,000,000, $1 and a dollar out. So 12-month payback,
0:38.2	healthy growth.
0:42.7	Hello, everyone. My guest today is Heath Wells. He's a CEO and co-founder of New Order,
0:47.3	a B2B e-commerce platform that is revolutionizing the wholesale industry. He's an entrepreneur at heart starting his first internet-based business at the age of 15 in Australia. And then from
0:51.3	04 to 08, he served as managing director at First Media in Australia,
0:55.2	where I, and partner led the company to great success across publishing, creative, and digital
0:59.3	commerce. Heath, are you ready to take us to the top? Absolutely, mate. Ready you go. All right,
1:04.3	good. So tell us about New Order. What's the company doing? Is it a SaaS model? Yeah, it's a
1:08.7	SaaS model. So New Order is a B2B e-commerce platform.
1:13.3	Super simple concept.
1:14.8	We essentially take e-commerce and apply it over wholesale.
1:18.3	So you have a brand on one side.
1:21.0	So let's say LeCost and you have a retailer on the other side, who's the buyer.
1:27.0	And that ranges from Nordstrom, Amazon, all the way to the
1:30.7	small mom and pop store. Okay. And give me a general sense here. I mean, are you charging both
1:35.5	sides of the marketplace or one side? How do you make money? Yeah, so, yeah, so just one side.
1:40.4	So brands pay us a subscription fee ranging from around about 12,500 up to a million.
	...

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