Sourcemap – a leading global provider of supply chain mapping and monitoring software – announced the closing of a $20 million Series B investment led by Energize Ventures with participation from the E14 Fund. And Sourcemap will utilize this latest funding to further expand its global footprint and add business-critical solutions to its supply chain mapping and monitoring software suite.
There are new regulations in North America and Europe that require companies to map and monitor their end-to-end supply chains to ensure uninterrupted production, avoid shortages of critical components and root out social and environmental problems. And since June 2022, U.S. Customs and Border Protection alone has seized more than 4,000 imported U.S.-bound shipments on suspicion of forced labor, leading to major disruptions across the electronics, automotive, apparel, and food industries. Hundreds of farmed, mined, and manufactured goods are subject to these supply chain mapping requirements including the packaging, chemicals, polymers, and metals that are part of every company’s supply chain.
Sourcemap offers the only enterprise solution able to meet the full suite of global supply chain due diligence requirements, including end-to-end supply chain mapping, transaction traceability and verification, real-time risk monitoring, business continuity planning, and consumer-facing transparency.
Sourcemap’s latest funding round comes on the heels of historic growth, with the addition of more than 100 brands across food, apparel, luxury, automotive, electronics, energy, and life sciences to its customer base over the past year. And Sourcemap now has over 2 million businesses registered on its platform, and over 250 brands use Sourcemap to map and monitor their supply chains.
KEY QUOTES:
“Traceability in our supply chains is one of the critical challenges we face in the drive to a more sustainable energy and transportation future. Many of the incentives laid out in the Inflation Reduction Act are contingent on a company’s ability to accurately and responsibly trace its supply chain all the way down to the raw materials. Sourcemap’s end-to-end supply chain visibility software provides unprecedented transparency and traceability, enabling enterprises to establish supply chains that are resilient and responsible – while also tapping into the billions of dollars at play in regulatory funding.”
— Juan Muldoon, Partner at Energize Ventures and a director on Sourcemap’s board
“We are thrilled by the confidence our investors have shown by doubling down on Sourcemap and on supply chain transparency as a solution to the biggest challenges facing industry. Once a nice-to-have, businesses today cannot afford to go to market without full end-to-end supply chain visibility. It’s a must-have for ensuring strategic supplies of raw materials, for preventing disruptions, for ensuring compliance and for de-risking brands. Our goal is to enable businesses across industries to map their end-to-end supply chains as fast as possible to strengthen the global economy in this era of responsible sourcing.”
— Leonardo Bonanni, founder and CEO of Sourcemap
