Jun 6, 2023
Sourcemap's cross-industry supply chain mapping software supports emerging due diligence regulations that apply to all manufacturing sectors and raw materials
New AI-powered functionality sends Sourcemap customers real-time alerts for supplier watchlist screenings, reputational hazards and supply disruptions
Insider investors Energize Ventures and E14 Fund have doubled down on Sourcemap in response to explosive growth in the 12 months since the Series A close
NEW YORK, June 6, 2023 /PRNewswire/ -- Sourcemap, the leading global provider of supply chain mapping and monitoring software, today announced the close of a $20 million Series B investment led by Energize Ventures with participation from the E14 Fund. Sourcemap will leverage this latest funding to further expand its global footprint and add business-critical solutions to its supply chain mapping and monitoring software suite.
New regulations in North America and Europe 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. 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 provides 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.
"Traceability in our supply chains is one of the critical challenges we face in the drive to a more sustainable energy and transportation future," said Juan Muldoon, Partner at Energize Ventures and a director on Sourcemap's board. "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."
Sourcemap's latest funding 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. Sourcemap now has over two million businesses registered on its platform, and over 250 brands use Sourcemap to map and monitor their supply chains.
"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," said Leonardo Bonanni, founder and CEO of Sourcemap. "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."
About Sourcemap
Sourcemap is the leading global provider of supply chain mapping and monitoring technology. Major traders, manufacturers and brands have adopted Sourcemap's full-suite solution for assurance on the raw materials-to-finished goods supply chain, including ongoing monitoring for production, quality, sustainability and risks such as deforestation and forced labor. Sourcemap is one of Fast Company's Most Innovative Companies, and the Sourcemap Forced Labor Due Diligence solution was named to TIME's Best Inventions of 2022 and Fast Company's World Changing Ideas of 2023. To learn more, visit www.sourcemap.com.
About Energize Ventures
Energize is a leading climate software investor focused on scaling sustainable innovation. Founded in 2016 and based in Chicago, Energize has funded 25 companies to-date and is backed by strategic, institutional, and impact LPs including CDPQ, Invenergy, Schneider Electric, General Electric, Caterpillar, and more. Leveraging the team's industry and operational expertise, Energize works in partnership with climate technology companies at various stages of maturity by helping them scale and realize their full potential, from early commercialization to the public markets. For more information, visit www.energize.vc.
About E14 Fund
E14 Fund is the MIT-affiliated, early stage venture capital firm. E14 Fund invests in MIT deep tech startups that are transforming traditional industries across a broad array of market-ready, scalable innovations in AI/ML, robotics, climate, biomanufacturing, life sciences, material science, sensing and more, supporting its portfolio and community with resources from across the MIT ecosystem. For more information, visit www.e14fund.com
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