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Sourcemap Raises US$10m to meet transparency and traceability demands

YarnsandFibers News Bureau 2022-03-02 09:22:48 – USA

Sourcemap Inc., a leading provider of end-to-end supply chain due diligence software, announced that it has raised $10 million in a Series A fundraising round headed by Energize Ventures and E14 Fund. Sourcemap will use the funds to further expand its operations in North America and launch a European subsidiary to meet the growing demand for supply chain due diligence.

Global brands use Sourcemap's cutting-edge due diligence software to map their supply chains down to the raw materials level and ensure operational best practices at every stage. Sourcemap's software platform, which was developed based on MIT research, supports all business needs, including supplier discovery, supply chain mapping, supplier risk assessment, transaction traceability, fraud detection, resilience planning, real-time visualization, and consumer-facing transparency.

Juan Muldoon, partner at Energize Ventures, said that as supply chain disruptions threaten firms in practically every area of the global economy, organizations are searching for solutions that can provide better insight into every link in the chain. At Energize, they're particularly sensitive to the importance of supply chain resiliency in the construction of new energy infrastructure, and they're delighted to assist provide Sourcemap's top supply chain due diligence software to more enterprises forging the future of sustainability.

Sourcemap is the world's largest supply chain due diligence network, with over 400,000 corporate organizations registered on its platform. For end-to-end supply chain due diligence, leading retailers and manufacturers in the food and agricultural, apparel, home goods, automotive, pharmaceuticals, luxury, and cosmetics industries use Sourcemap. Data and analytics from Sourcemap have been utilized to make responsible sourcing decisions on more than $60 billion in purchases.

Calvin Chin, managing partner at E14 Fund, said that data is a tool for significant transformation. Companies need auditable data to properly minimise risk. The benefit of making important supply chain choices based on comprehensive and reliable data that only Sourcemap can give is well understood by Sourcemap's customers. They invest in startups with differentiated deep technologies that have a real-world impact at E14 Fund. They're looking forward to continuing their partnership with Sourcemap as data-driven decision-making becomes more common.

While classic enterprise resource planning (ERP) systems struggle to handle large amounts of data across numerous worldwide operations, Sourcemap provides real-time information to stakeholders and end-users about where and how commodities are sourced. 

This announcement is the next major step in ensuring that Sourcemap customers all over the world have access to the full range of solutions available to help them fulfill crucial social and environmental goals.

Leonardo Bonanni, CEO and founder of Sourcemap, said that supply chain mapping has become a vital tool for competitiveness and compliance across the global economy. They're excited to work with Energize Ventures and E14 Fund to provide the Sourcemap solution to additional businesses across the world as they work to make the global supply chain more sustainable, resilient, and compliant.

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