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.