SAN FRANCISCO, Calif., April 30, 2025 — Nuvo, a startup building a business-to-business trade network modeled after social platforms, has raised $34 million in a Series A funding round led by Sequoia Capital and Spark Capital, the company told TechCrunch exclusively.

The company, founded in 2021, previously raised $11 million in a seed round in early 2022 led by Founders Fund and Index Ventures. Other institutional backers include Foundation Capital, Human Capital and Susa Ventures.

Angel investors participating in the latest round include Gokul Rajaram; Instacart co-founder Max Mullen; Rippling Chief Operating Officer Matt MacInnis; Samsara co-founders Sanjit Biswas and John Bicket; and Flexport founder Ryan Petersen.

Nuvo was founded by CEO Sid Malladi and Chief Technology Officer Rameez Remsudeen. The company aims to streamline the way businesses connect and transact by offering a verified, shareable profile system akin to LinkedIn — but for B2B purchasing.

The purchasing of physical goods between businesses — such as lumber or electronics — along with the credit agreements that support them, is an $11 trillion market in the United States. Much of that industry still relies on outdated communication methods, such as faxes and phone calls, Remsudeen said.

“With tariffs looming, businesses need to shift trade partnerships in response to changing prices, risk or supply,” Sid, a former product manager at Yelp, told TechCrunch. “None of that can happen smoothly using pen-and-paper processes.”

Nuvo’s software allows sellers to invite buyers to join the platform. Users create a verified business identity, which includes data such as credit scores, licenses and customer references. These profiles help users access new suppliers, better credit terms and improved purchasing efficiency, said Sequoia partner Bryan Schreier.

“The potential for network effects reminds us of companies like PayPal and Stripe,” Schreier said. “As customers bring on their own trade partners, Nuvo becomes a more valuable and trusted data platform.”

Nuvo competes with companies such as HighRadius, but Remsudeen said its key differentiator is its network-driven approach. “It’s like comparing your phone’s contacts app to Facebook,” he said.

Nuvo, which employs 42 people, expects its trade network to include nearly 50,000 businesses by the end of the second quarter. The existing clients include Great Dane, Southern Glazer’s Wine & Spirits, and Fender. The company serves sectors such as alcohol and beverage, building materials, chemicals, distribution, food service, and manufacturing, generating revenue through annual subscription fees. Nuvo plans to expand its offerings to include payments and AI-powered tools, while also targeting international growth in Mexico, Latin America, Europe, and the Asia-Pacific region.