[AXIOS PRO] Sourcemap nets $20M for supply chain monitoring
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Sourcemap, a social network-style site for monitoring supply chains, has closed a $20 million Series B, Axios has learned exclusively.
Why it matters: The funding highlights businesses' demand for tech that tracks materials as global supply chains recover from pandemic-era disruptions.
The details: Energize Ventures and E14 Fund led the all-equity round, which closed in February.
Sourcemap CEO Leonardo Bonanni declined to disclose the round's valuation.
The startup is seeking an independent member to round out its six-member board.
How it works: Corporations traditionally hire auditors and consulting firms to trace sections of their supply chains.
Sourcemap says its SaaS vastly expands that work with its "social networking" approach that the company compares to LinkedIn.
Companies add their suppliers to the Sourcemap database, which has a map that shows each supplier's connections, all the way down to the farm, mine, or warehouse.
What they're saying: "Five to 10 years ago it was really seen as a sustainability nice-to-have: only the most progressive companies would elevate those parts of the supply chain," Bonanni tells Axios.