SupplyHive™, a Chicago-based innovative provider of Supplier Performance Management (SPM) technology, announced today that it fully subscribed $2 million in seed funding from three new investors with DNA in diversity and inclusion: Sixty8 Capital in Indianapolis, Indiana, Angeles Investors in Chicago, and Service Provider Capital LLC in Denver.
SupplyHive™, a Chicago-based innovative provider of Supplier Performance Management (SPM) technology, announced today that it fully subscribed $2 million in seed funding from three new investors with DNA in diversity and inclusion: Sixty8 Capital in Indianapolis, Indiana, Angeles Investors in Chicago, and Service Provider Capital LLC in Denver.
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“The core of each of these new investors shows the power and growth that comes with the application of diversity and inclusion,” said SupplyHive™ President and CEO Lou Sandoval. “We continue to grow our list of enviable brands that will partner with us into the future, starting with their supply chains.”
Sandoval said the SupplyHive’s™ SPM solution offers much-needed transparency to all companies seeking to solidify their diversity, equity and inclusion (DEI) efforts by leveraging performance data to assist in developing suppliers and helping them grow.
“This fosters inclusion that helps large corporations be better partners to diversity and all of their suppliers,” said Sandoval.
Despite an economic-jolting pandemic during 2020, SupplyHive™ subscribed a number of major clients, including Facebook, MARS Global, McDonald’s Corporation, Abbott, BOX, Eaton and First Energy — all taking a leading-edge approach to Supplier Performance Management
SupplyHive™ did not stop there. With the addition of Sixty8 Capital, Angeles Investors, and Service Provider Capital, SupplyHive™ will have the strength to deliver even more. These diverse venture capital firms continue the growing trend in venture-backed start-ups with diverse funds that support diversely founded companies.
“Most of all, they will continue to envision the American Dream with inclusion and opportunity,” said Sandoval.
The three new investors show their strength with ingenuity, creativity, and one of the best investment engines in the industry.
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Sixty8 Capital is a seed-stage fund for Black, Brown, women, and LGBTQ+-led startups. This fund describes itself as industry agnostic and invests in new technology, tech-enabled, and direct-to-consumer start-ups.
“We’re extremely excited to support SupplyHive™ Founder Mike Anguiano, Lou, and the entire SupplyHive™ team as they continue to build impressive supplier performance software with global brands, like Facebook and McDonald’s. They make the process far easier for companies, oftentimes replacing antiquated spreadsheets,” said Paul Ehlinger, co-founder and venture partner at Sixty8 Capital.
Kelli N. Jones, co-founder and general partner at Sixty8 Capital, agreed.
“With supplier diversity being top of mind for many corporations looking to create more equity and inclusion in their organizations, SupplyHive™ will be transformational in helping large corporations capture and track the data necessary to ensure economic parity with Black, Latinx, and women-owned enterprises,” said Jones. “We launched Sixty8 to not just invest in diverse founders, but also in solutions that create equity for diverse populations and businesses.”
Angeles Investors invests in premier Hispanic and Latinx entrepreneurs and funds the most disruptive and fastest-growing business models, all while growing the impact of those Hispanic and Latinx entrepreneurs in the U.S. economy.
“Angeles Investors is very excited to join other leading Venture Capital firms and investors with our investment in SupplyHive™,” said Adela Cepeda, chair of Angeles Investors. “We come across supply chain leaders every day that are looking to better rate, score and analyze their supplier base to win in this hyper-competitive environment. SupplyHive™ has the right team and capabilities which position them well to solve this problem and dominate this space. Our investors were very impressed with SupplyHive’s™ growing marquee customer base which is a testament to the value they are bringing to the marketplace.
“SupplyHive™ joins our growing portfolio of diverse companies disrupting various industries as we further Angeles Investors’ mission: to find, to fund, and to grow the most promising Hispanic and Latinx ventures.”
Service Provider Capital LLC is a venture capital fund that co-invests in Seed and Series A deals led by institutional venture funds. It has invested in more than 270 companies since it launched its first fund in 2014.
“We’re thrilled to be investing in a strong, dynamic Midwest-based company like SupplyHive™ along with such a great group of investors,” said Pat Cerone, managing director for Service Provider Capital.
Launched in Chicago in 2018, SupplyHive™ was the brainchild of Latino founder and entrepreneur Mike Anguiano who wanted to help underserved communities. The company provides Supplier Performance Management (SPM) software designed to help corporations centralize, standardize, scale, and automate the supplier performance process. The company uses the latest innovations of Artificial Intelligence (Al), Machine Learning (ML), and Natural Language Processing (NLP) to analyze the aggregated quantitative and qualitative data.