Supply chain due diligence software provider Sourcemap announced that it has raised $10 million in a Series A funding round to further expand operations in North America and grow its global footprint with a European subsidiary. The funding round was led by Energize Ventures with participation from E14 Fund.
Leonardo Bonanni, CEO, and Founder of Sourcemap, said:
“Supply chain mapping has become an essential tool for competitiveness and compliance across the global economy. We are thrilled to partner with Energize Ventures and E14 Fund to bring the Sourcemap solution to more companies around the world as we continue to empower a more sustainable, resilient and compliant global supply chain.”
Born out of MIT research in 2011, Sourcemap provides due diligence software to help businesses map their supply chains down to the raw materials and ensure best practices. Its software platform encompasses the full suite of due diligence requirements, including supplier discovery, supply chain mapping, supplier risk assessment, transaction traceability, fraud detection, and resilience planning, among others.
According to Sourcemap, recent supply chain disruptions have underscored the importance of end-to-end visibility in how goods and raw materials are sourced. Additionally, new regulations around decarbonization, deforestation and forced labor require multinationals to implement technology for transparency and traceability in many aspects of global supply chain operations.
Juan Muldoon, Partner at Energize Ventures, said:
“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. 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 leading supply chain due diligence software to more companies shaping the future of sustainability.”
Calvin Chin, Managing Partner at E14 Fund, added:
“Data is a tool for meaningful change, and companies need auditable data to effectively mitigate risk. 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. We’re excited to continue the journey with Sourcemap as data-driven decision-making becomes ubiquitous.”