Sourcemap Inc., the leading provider of end-to-end supply chain due diligence software, today announced it has raised a $10 million Series A funding round, led by Energize Ventures with participation from E14 Fund. With the funding, Sourcemap will further expand its operations in North America and grow its global footprint with a European subsidiary to support growing demand for supply chain due diligence.
Recent supply chain disruptions have underscored the importance of end-to-end visibility in how goods and raw materials are sourced. In January 2021, the United States seized over $1 billion worth of goods with suspected ties to forced labor. More than 60 categories of goods in 40 countries have been flagged by the Department of Labor and more may be subject to seizure. In addition, new regulations around decarbonization, deforestation and forced labor require major multinationals to implement technology for transparency and traceability in many aspects of global supply chain operations.
Sourcemap provides state-of-the-art due diligence software for global brands to map their supply chains down to the raw materials and ensure operational best practices at every step of the way. Born out of MIT research, Sourcemap’s software platform encompasses the full suite of due diligence requirements to support 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.
“As supply chain disruptions challenge core operations for businesses across nearly all sectors of the global economy, companies are looking for solutions that can provide better visibility into every link in the chain,” said Juan Muldoon, partner at Energize Ventures. “At Energize, we are especially attuned to the importance of supply chain resiliency in the buildout of new energy infrastructure, and we’re excited to help bring Sourcemap’s leading supply chain due diligence software to more companies shaping the future of sustainability.”
With more than 400,000 business entities registered on its platform, Sourcemap is the world’s largest supply chain due diligence network. Leading retailers and manufacturers across food and agriculture, apparel, home goods, automotive, pharmaceuticals and luxury and cosmetics use Sourcemap for end-to-end supply chain due diligence. Sourcemap data and analytics have been used to drive responsible sourcing decisions on more than $60 billion of purchasing spend.
“Data is a tool for meaningful change, and companies need auditable data to effectively mitigate risk,” says Calvin Chin, managing partner at E14 Fund. “Sourcemap’s customers understand the value of making critical supply chain decisions based on comprehensive and verifiable data that only Sourcemap can provide. At E14 Fund we invest in companies that have differentiated deep technologies that have real world impact. We’re excited to continue the journey with Sourcemap as data-driven decision-making becomes ubiquitous.”
While legacy enterprise resource planning (ERP) falls short in handling big data across multiple global operations, Sourcemap delivers real-time data to communicate to stakeholders and end consumers exactly where and how commodities are sourced. This announcement marks the next big step in ensuring Sourcemap customers around the world benefit from its full suite of options to meet critical social and environmental targets.
“Supply chain mapping has become an essential tool for competitiveness and compliance across the global economy,” said Leonardo Bonanni, CEO and founder of Sourcemap. “We are thrilled to partner with Energize Ventures and E14 Fund to bring the Sourcemap solution to more companies around the world as we continue to empower a more sustainable, resilient and compliant global supply chain.”