I’m thrilled to announce that Emergence has led a Series A investment in Handshake.
Handshake develops mobile-first sales order management apps. Ever walk into a store and wonder how the products on the shelf got there? Have you pondered how the ingredients in a restaurant make their way to the kitchen? Or have you contemplated how building materials get to a construction site? Usually, these processes start with a business speaking in person or on the phone with a product manufacturer or wholesaler to place an order. And they typically involve a lot of paper catalogs, order forms, Excel spreadsheets, and faxes.
Nearly a trillion dollars per year moves through these types of B2B order processes in the U.S. This is more than 5% of U.S. GDP.
Handshake turns the paper-based workflows that are behind billions of dollars of B2B orders into elegant mobile-first workflows. Mobile is a critical element here because a high percentage of B2B orders are still done in person. It turns out that being able to look someone in the eye when placing a big order is still important even in the digital age.
Glen, Mike, and the rest of the Handshake team have done a remarkable job of building a great business in a short amount of time. The concept for Handshake came to Glen just a couple of years ago during the time he ran a wholesale distribution business. Glen experienced the pain of paper order processes first hand and decided to use the coding skills he acquired as a CS major to build an app to solve his own B2B order management problem. He solved it so well that he decided to turn his product into a company, and Handshake was born. Now, 800+ customers later, he’s showing the B2B commerce world how transformative mobile-first business apps can be.
It’s also worth noting that Handshake is Emergence’s first investment in a business cloud company in NYC. We’re seeing more and more interesting business cloud companies coming out of New York – and are excited to start becoming more deeply involved in the NYC tech community.