- SourceDay recently announced it raised $31.5 million in Series C funding. These are the details.
SourceDay – a leading supply chain procurement collaboration engine for direct spend materials and one of Austin’s fastest-growing companies – recently announced it closed a $31.5 million Series C round of funding.
The funding round – led by Norwest Venture Partners – with participation from existing investors ATX Ventures, Baird Capital, Draper Associates, Ring Ventures, and Silverton Partners comes at a critical time for manufacturers, distributors, consumer packaged goods brands, and retailers as they are challenged with continued supply chain disruptions and first-mile issues accelerated by the pandemic.
Over 12,000 global manufacturers, distributors, and suppliers use SourceDay – with many currently relying on the SaaS solution to manage purchase order changes and supplier collaboration. And SourceDay broke records in 2021 with the addition of thousands of new platform users. To date, SourceDay has processed over $124 billion in direct spending for its global customers. The new funding round will enhance SourceDay’s ability to help its customers mitigate supply chain risk as the pandemic continues to impact suppliers.
SourceDay plans to use its Series C funds to accelerate its recruiting efforts, reinforce the company’s sales, channel, and marketing engines, and maintain its continued investment in operations and customer success from 2021. The company plans to double its product and engineering teams and bring on a product leader to its executive team.
Along with leading this round, Norwest partner Sean Jacobsohn will take a seat on SourceDay’s board of directors.
SourceDay employs over 88 employees and recently bolstered its leadership team through the hire of supply chain veteran Sarah Scudder as chief marketing officer.
KEY QUOTES:
“Procurement teams can expect more than half of their purchase orders to change—a level of unpredictability that can be detrimental to many organizations. Procurement teams—and their suppliers—need user-friendly solutions in response to the supply chain’s erratic nature. Maintaining healthy supply chain performance is more important today than ever. Our emphasis on streamlining a company’s first mile enables teams to increase on-time deliveries, eliminate pricing discrepancies with suppliers, minimize inventory issues and drive predictability with last mile receiving. This investment will have a tremendous impact on our services and digital platform as we embark on another year of record growth and creating resilient supply chains for our customers.”
– Tom Kieley, CEO and co-founder of SourceDay
“Tom, Clint and the SourceDay team have impressed us with their deep domain experience and ability to scale the business at a time when supply chain performance software couldn’t be more critical. SourceDay’s innovative solution improves supply chain procurement collaboration, drives real-time visibility to purchase order changes and enables on-time delivery. We are excited to be partnering with SourceDay as they continue their journey to improve direct spend management.”
– Sean Jacobsohn, Partner at Norwest
