SourceDay Raises $31.5M to Help Manufacturers With Supply Chain Disruptions
SourceDay, an Austin-based supply chain management platform, announced Tuesday that it raised $31.5 million in Series C financing.
The round was led by Norwest Venture Partners with participation from existing investors ATX Ventures, Baird Capital, Draper Associates, Ring Ventures and Silverton Partners.
The Series C values SourceDay at nearly $182 million and comes nearly two years after the company’s $12.5 million Series B round.
Over the course of the pandemic, the supply chain has suffered from bottlenecks and delays that have disrupted nearly every industry. SourceDay co-founder and CEO Tom Kieley said in a statement that procurement teams can expect more than half of their purchase orders to change in this erratic supply chain environment.
“Maintaining healthy supply chain performance is more important today than ever,” Kieley said in the statement. “Our emphasis on streamlining a company’s first mile enables teams to increase on-time deliveries, eliminate pricing discrepancies with suppliers, minimize inventory issues and drive predictability with last mile receiving.”
SourceDay’s software bridges the gap between suppliers and their ERP software by automating purchase order changes throughout the direct spend lifecycle. More than 12,000 global manufacturers, distributors and suppliers use SourceDay’s platform. The company has also processed more than $124 billion in direct spend for its global customers.
SourceDay currently employs more than 88 people and expects to hire another 40 employees this year, according to the company. It also plans to double its product and engineering teams this year.