Kinnek, a 3.5-year-old, New York-based marketplace for small businesses to find suppliers and manage purchasing, has just raised $20 million in Series B funding led by Thrive Capital. It already looks like a smart bet. The company currently has 20,000 businesses and 2,000 suppliers using its marketplace, and they’re striking millions of dollars worth of deals every week, says cofounder Karthik Sridharan. Considering the company’s age and the fragmented landscape in which it’s operating – think restaurants to distilleries to manufacturers – that kind of traction is meaningful.
B2B Marketplace Kinnek Raises $10 Million From Matrix To Help SMBs Find And Purchase Supplies
Over the last decade, an increasing number of consumer goods have become available online, leading most users to be able to find more or less anything they could ever want through one website or another. Those goods frequently have detailed product specs, as well as reviews on most frequently purchased items. That’s not the case though, for purchases by small and medium-sized businesses. In many cases, SMBs can’t even find the items they need online, and if they do, all they can access or product descriptions. It’s rare they can actually purchase those items online. Instead, most SMBs were stuck working with local suppliers, which meant they were often not paying the best price or able to shop around before making a purchase. B2B marketplace Kinnek wants to change all that. It’s working to connect SMBs with suppliers that will offer up the goods they need and provide competitive prices for them. Based on its growth in recent months, the company has raised $10 million from Matrix Partners and others to continue expanding its marketplace into new verticals and markets.