Supply chain due diligence firm Sourcemap raises US$10 million to meet global traceability demands
01 Mar 2022 --- Sourcemap, a provider of end-to-end supply chain due diligence software, has raised a US$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.
“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,” the company states.
“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.”
Ensuring full-scale visibility
With more than 400,000 business entities registered on its platform, Sourcemap is marketed as the world’s largest supply chain due diligence network, helping global brands to map their supply chains down to the raw materials and ensure operational best practices “at every step of the way.”
Sourcemap is branded as the world’s largest due diligence network.Born out of MIT research, Sourcemap’s software platform encompasses the full suite of due diligence requirements, including supplier discovery, supply chain mapping, supplier risk assessment, transaction traceability, fraud detection, resilience planning, real-time visualization and consumer-facing transparency.
Sourcemap data and analytics have been used to drive responsible sourcing decisions on more than US$60 billion of purchasing spend, the company claims.
“Data is a tool for meaningful change, and companies need auditable data to effectively mitigate risk,” remarks 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.”
End-to-end visibility for global supply chains
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 US$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.
“Supply chain mapping has become an essential tool for competitiveness and compliance across the global economy,” highlights Leonardo Bonanni, CEO and founder of Sourcemap.
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.
“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 supply chain due diligence software to more companies shaping the future of sustainability.”
“Transparency Triumphs” was crowned the Top Trend of 2021 by Innova Market Insights and is sustained this year in 2022’s Top Trend, “Shared Planet.”
Earlier this year, FoodIngredientsFirst caught up with key F&B suppliers Corbion, Agrana Fruit and Kerry to discuss what core strategies are helping keep food businesses up-to-speed with their transparency reporting while remaining bias-free.
Edited by Benjamin Ferrer
