On Wednesday, supply chain management platform SourceDay announced the closing of its $12.5 million Series B. Baird Capital led the funding round, with participation from all of the company’s Series A investors.
SourceDay’s cloud-based platform aims to connect manufacturers to their suppliers. This is important because waiting on a single supplier can sometimes hold up an entire manufacturing process. Its technology works to ensure that doesn’t happen by bringing communication and transparency into the supply chain. Over 6,000 manufacturers, distributors and suppliers use the company’s platform.
It’s worth pointing out that supply chains across the world have been hurt by the COVID-19 pandemic. Supply chains are compromised when businesses shut down, borders close and workers are told to stay home. SourceDay hopes that it can mitigate supply chain risk and keep the business of manufacturers healthy too.
“The COVID-19 pandemic is exposing the ways that outdated supply chain practices make manufacturers vulnerable,” SourceDay CEO and co-founder Tom Kieley said in a statement. “I’m excited to add Baird Capital to our team of investors. Baird’s experience with leading SaaS companies and its relationships across the manufacturing sector will help SourceDay achieve our mission to make companies less vulnerable to current supply chain disruptions and to all kinds of shifts in demand.”
Joanna Arras, principal at Baird Capital and new SourceDay board member, added in a statement that “more than ever, companies need resilient and agile supply chains.”
“Poor supply chain visibility and inefficient collaboration will be crippling during this time of rapidly shifting demand,” Arras said.
SourceDay plans to use the funding to invest in its platform by adding collaboration tools and reporting solutions that use machine learning. It also plans to invest in its go-to-market strategy.
This new funding also comes at a time when the startup is growing rapidly. Over the past year, the company added thousands of new users and doubled the size of its team to over 50 employees.
