Exclusive: Sourcemap nets $20M for supply chain monitoring
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.
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.