Sourcemap Raises $20M Series B to Launch Real-Time Supply Chain Mapping and Monitoring Software
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Sourcemap’s cross-industry supply chain mapping software supports emerging due diligence regulations that apply to all manufacturing sectors and raw materials
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New AI-powered functionality sends Sourcemap customers real-time alerts for supplier watchlist screenings, reputational hazards and supply disruptions
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Insider investors Energize Ventures and E14 Fund have doubled down on Sourcemap in response to explosive growth in the 12 months since the Series A close
Sourcemap, the leading global provider of supply chain mapping and monitoring software, announced the close of a $20 million Series B investment led by Energize Ventures with participation from the E14 Fund. Sourcemap will leverage this latest funding to further expand its global footprint and add business-critical solutions to its supply chain mapping and monitoring software suite.
New regulations in North America and Europe require companies to map and monitor their end-to-end supply chains to ensure uninterrupted production, avoid shortages of critical components and root out social and environmental problems. Since June 2022, U.S. Customs and Border Protection alone has seized more than 4,000 imported U.S.-bound shipments on suspicion of forced labor, leading to major disruptions across the electronics, automotive, apparel and food industries. Hundreds of farmed, mined and manufactured goods are subject to these supply chain mapping requirements including the packaging, chemicals, polymers and metals that are part of every company’s supply chain.
Sourcemap provides the only enterprise solution able to meet the full suite of global supply chain due diligence requirements, including end-to-end supply chain mapping, transaction traceability and verification, real-time risk monitoring, business continuity planning and consumer-facing transparency.
“Traceability in our supply chains is one of the critical challenges we face in the drive to a more sustainable energy and transportation future,” said Juan Muldoon, Partner at Energize Ventures and a director on Sourcemap’s board. “Many of the incentives laid out in the Inflation Reduction Act are contingent on a company’s ability to accurately and responsibly trace its supply chain all the way down to the raw materials. Sourcemap’s end-to-end supply chain visibility software provides unprecedented transparency and traceability, enabling enterprises to establish supply chains that are resilient and responsible – while also tapping into the billions of dollars at play in regulatory funding.”
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Sourcemap’s latest funding comes on the heels of historic growth, with the addition of more than 100 brands across food, apparel, luxury, automotive, electronics, energy and life sciences to its customer base over the past year. Sourcemap now has over two million businesses registered on its platform, and over 250 brands use Sourcemap to map and monitor their supply chains.
“We are thrilled by the confidence our investors have shown by doubling down on Sourcemap and on supply chain transparency as a solution to the biggest challenges facing industry,” said Leonardo Bonanni, founder and CEO of Sourcemap. “Once a nice-to-have, businesses today cannot afford to go to market without full end-to-end supply chain visibility. It’s a must-have for ensuring strategic supplies of raw materials, for preventing disruptions, for ensuring compliance and for de-risking brands. Our goal is to enable businesses across industries to map their end-to-end supply chains as fast as possible to strengthen the global economy in this era of responsible sourcing.”
