Kinnek

Kinnek
Private
Industry Software
Founder Karthik Sridharan, Rui Ma
Headquarters New York, New York, USA
Products Business-to-Business Marketplace
Website www.kinnek.com

Kinnek is an American technology company, founded in 2012 by Karthik Sridharan and Rui Ma. It is currently headquartered in New York City.

Kinnek provides a business-to-business online marketplace through which small and medium businesses can connect with suppliers, manage purchasing operations, and maintain supplier relationships. Comparisons have been drawn with Chinese B2B giant AliBaba[1][2] and India's largest online marketplace IndiaMART, connecting buyers and sellers.[3][4]

History and funding

Kinnek is a Fall 2012 graduate of the AngelPad incubator, founded by Thomas Korte. In December 2012, Kinnek raised $3 million in seed funding.[5]

In September 2014, Kinnek raised $10 million in a Series A financing round led by Matrix Partners, with participation from previous investors including Sierra Ventures, Version One Ventures, Naval Ravikant, CrunchFund, Richard Chen, TriplePoint Ventures, and Benjamin Ling.[6] As a result of the financing, Josh Hannah of Matrix Partners joined Kinnek’s board of directors.

In October 2015, Thrive Capital led a $20 million Series B in Kinnek,[7] also with participation from investors from prior rounds. Kinnek subsequently added Joshua Kushner of Thrive to the board.

Product offering

Kinnek is an online marketplace for small and medium-sized businesses to connect with suppliers and manage their purchasing operations.

Purchasing businesses post a request for a product – including details on price, specifications, quantity, and more – which is then filtered by various algorithms and presented to relevant suppliers, who may respond with customized quotes.[8] After receiving their quotes, businesses may then select the supplier. Every supplier on Kinnek has a publicly accessible profile with ratings, comments, supplier information, and product offerings.

References

  1. ↑ Flamm, Matthew. "Alibaba wannabe Kinnek gets $10M". www.crainsnewyork.com. Retrieved October 11, 2014.
  2. ↑ "B2B Marketplace Kinnek Secures $10M In Series A Funding". www.pymnts.com. Retrieved October 11, 2014.
  3. ↑ "IndiaMART clocks a whopping 60 percent business from its mobile app". Business Standard. 17 December 2015. Retrieved 26 August 2016.
  4. ↑ "Kinnek - CrunchBase". CrunchBase. Retrieved 26 August 2016.
  5. ↑ Kokalitcheva, Kia. "Kinnek grabs a new $10M to help small businesses shop for supplies". Retrieved October 11, 2014.
  6. ↑ Carney, Michael (September 15, 2014). "Kinnek raises $10M from Matrix to help SMBs handle procurement like the big boys". Retrieved October 11, 2014.
  7. ↑ Loizos, Connie (October 15, 2015). "Kinnek, A Small Biz Marketplace, Raises $20 Million Led By Thrive Capital". Techcrunch. Retrieved April 27, 2016.
  8. ↑ Lawler, Ryan. "B2B Marketplace Kinnek Raises $10 Million From Matrix To Help SMBs Find And Purchase Supplies". Retrieved October 11, 2014.
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