Keychain, an AI-based manufacturing platform transforming the consumer packaged goods (CPG) industry, announced an additional $5 million investment led by Bright Pixel Capital, the VC arm of the European retail conglomerate Sonae. This funding comes as Keychain takes its core search and discovery product out of beta and introduces new platform capabilities.
Since November 2023, Keychain raised $38 million with support from leading venture firms BoxGroup, Lightspeed Venture Partners, and SV Angel as well as other CPG giants General Mills, The Hershey Company, and Schreiber Foods. And this latest funding not only reinforces Keychain’s position as a key player in the CPG manufacturing ecosystem but also signals its readiness to enter the European market.
Keychain’s AI-based platform, which enables brands, retailers, and manufacturers to connect quickly with manufacturing partners, is streamlining what has traditionally been a fragmented and time-intensive search and discovery process. This platform boasts a network of 30,000+ manufacturers and 20,000+ brands and retailers and, as of today, is now facilitating over $1 billion in projects each month.
Now, with the search and discovery platform officially exiting the beta phase, Keychain is expanding its capabilities with the launch of two new beta products: Keychain packaging and ingredients. And These products will allow brands to streamline the process of sourcing packaging materials and ingredient suppliers for their products, empowering them to quickly meet consumer demand for more sustainable and efficient production methods.
Bright Pixel’s strategic investment marks a major step in Keychain’s evolution and underscores the platform’s potential to bring meaningful change to the global manufacturing industry.
Keychain brings a new era of transparency to the CPG manufacturing ecosystem by cutting out brokers who have historically profited by creating information asymmetry that drives up the costs of goods. And in response, Keychain is using AI to eliminate these fees and other unnecessary costs, ultimately lowering the prices consumers see on store shelves.
KEY QUOTES:
“Since Keychain launched last year, we’ve been focused on bringing much-needed transparency to the United States’ CPG manufacturing ecosystem. At the same time, we’ve been looking into how we can bring our capabilities to other geographies, and the support of Bright Pixel is a huge step in that direction. We’re also excited to continue building our depth with new tools that will streamline the ways brands source packaging and ingredients.”
- Oisin Hanrahan, Cofounder and CEO of Keychain
“We’re proud to invest in Keychain at such an exciting moment in their journey. Our team is confident in Keychain’s ability to modernize the global CPG supply chain and is exactly what the European CPG supply chain needs. We look forward to supporting Keychain as they expand their offerings and into more geographies.”
- Manuel Queiroz, Director at Bright Pixel Capital
