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Sourcemap has received $10 million to expand its endto-end platform
by iThink Media
RIGHT ON TRACK
Sourcemap raises $10 million to grow its supply chain software.
SUPPLY CHAIN SOFTWARE COMPANY SOURCEMAP HAS RECEIVED $10 MILLION IN FUNDING TO EXPAND ITS PLATFORM AIMED AT HELPING BUSINESSES TRACK EVERYTHING FROM RAW MATERIAL SOURCING TO CARBON EMISSIONS THROUGHOUT THEIR OPERATIONS.
he series A funding round was led by
Energize Ventures, an investment management firm focused on digital transformation in energy and sustainability, with participation from E14 Fund.
The funding will help Sourcemap grow its North American operations and expand with a European subsidiary. The growth comes as the demand for supply chain traceability and risk management increases, and the technology to improve that efficiency becomes more readily available. Leo Bonanni, CEO of Sourcemap, said, “We were the first company to commercialise software for supply chain mapping, which is a process whereby brands and manufacturers go beyond their direct suppliers and find out where their raw materials come from. If there’s any hiccup anywhere around the world that could impact them, like the current crisis in Ukraine, they could act very quickly to make sure their suppliers are OK and to find alternative ways to get their goods to market.”
Supply chain technology companies raised more than $24.3 billion in funding through the first three quarters of 2021, according to PitchBook. AI-software provider o9, which helps predict supply chain risks, recently received a $295 million investment in its platform as another example of the growth. Research and Markets estimates the supply
chain risk management software market will reach $1.95 billion by 2027.
Sourcemap says it has more than 400,000 businesses registered on its platform, across industries such as food and agriculture, apparel, pharmaceuticals, and automotive, claiming to be the world’s largest supply
chain due diligence network. The company has helped businesses with responsible sourcing on more than 60 billion dollars of purchasing spend.
Providing end-to-end supply chain due diligence, the platform assists with supply chain risk, traceability and resilience planning, with upto-date data and real-time information. Sourcemap says its data and analytics have been used to drive companies around the world to meet critical environmental, social and governance targets (ESG).
Bonanni added, “Supply chain mapping has become an essential tool for competitiveness and compliance across the global economy. We are thrilled to partner with Energize Ventures and E14 Fund to bring the Sourcemap solution to more companies around the world as we continue to empower a more sustainable, resilient and compliant global supply chain.”
Whilst plenty of focus has been placed on the impact of geopolitical uncertainty on the direct supply chain
in areas like shipping, freight and last mile, not enough emphasis is being placed on the very beginning of the supply chain, on the sourcing of parts and raw materials. According to Bonanni, this is where the biggest risks lie.
Juan Muldoon, partner at Energize Ventures, explained, “As supply chain disruptions challenge core operations for businesses across nearly all sectors of the global economy, companies are looking for solutions that can provide better visibility into every link in the chain. At Energize, we are especially attuned to the importance of supply chain resiliency in the buildout of new energy infrastructure, and we’re excited to help bring Sourcemap’s leading supply chain due diligence software to more
companies shaping the future of sustainability.”
Calvin Chin, managing partner at E14 Fund, added, “Data is a tool for meaningful change, and companies need auditable data to effectively mitigate risk. Sourcemap's customers understand the value of making critical supply chain decisions based on comprehensive and verifiable data that only Sourcemap can provide. At E14 Fund, we invest in companies that have differentiated deep technologies that have real world impact. We're excited to continue the journey with Sourcemap as datadriven decision-making becomes ubiquitous.”
