- SourceDay, a leading supplier collaboration engine of the direct spend industry, announced it raised $12.5 million in Series B funding
SourceDay, a leading supplier collaboration engine of the direct spend industry, announced it raised $12.5 million in Series B funding. This funding round was led by Baird Capital with participation from existing investors Silverton Partners, ATX Ventures, and Draper Associates.
Baird Capital joined as a new investor. And Baird Capital principal Joanna Arras will take a seat on the Board of Directors.
There are over 6,000 global manufacturers, distributors, and suppliers that use SourceDay with many currently relying on the SaaS solution to manage chaotic supply chains that are affected by COVID-19. This round of funding will be used to enhance SourceDay’s ability to help its customers mitigate supply chain risk as the pandemic continues to play out and prepare for when the eventual rebound hits.
SourceDay is expecting to use the funds from this round to invest in its product and go-to-market strategy. And product enhancements will include next generation collaboration tools and reporting solutions that are enhanced by machine learning and predictive analytics. The company also plans to expand its ecosystem of SaaS solution providers and distribution partners.
Last year was a record-breaking for SourceDay as it saw the addition of thousands of new platform users. This brings the all-time total direct spend processed in SourceDay to $66 billion. And during the same period, SourceDay also doubled the size of its team to more than 50 employees, including the appointment of several experienced professionals to its leadership team.
Key Quotes:
“As businesses face unprecedented times, they are seeking faster answers to bigger challenges. More than ever, companies need resilient and agile supply chains. Poor supply chain visibility and inefficient collaboration will be crippling during this time of rapidly shifting demand. Baird Capital is proud to invest in SourceDay to help companies face these challenges head-on.”
Joanna Arras, Principal at Baird Capital and SourceDay board member
“The COVID-19 pandemic is exposing the ways that outdated supply chain practices make manufacturers vulnerable. I’m excited to add Baird Capital to our team of investors. Baird’s experience with leading SaaS companies and its relationships across the manufacturing sector will help SourceDay achieve our mission to make companies less vulnerable to current supply chain disruptions and to all kinds of shifts in demand.”
-SourceDay CEO Tom Kieley
