Sourcemap, a key provider of supply chain mapping and monitoring software, recently celebrated the close of a substantial $20m Series B funding round.
This significant financial injection came from a funding round headed by Energize Ventures, with contributions also made by the E14 Fund. The impressive sum of $20m will be instrumental in helping Sourcemap to expand its international presence, while also developing additional, business-critical features for its supply chain mapping and monitoring software suite.
In essence, Sourcemap is the only company to offer a comprehensive enterprise solution that meets all global supply chain due diligence requirements. This includes a full package of services such as end-to-end supply chain mapping, transaction traceability and verification, real-time risk monitoring, business continuity planning, and consumer-facing transparency.
The raised funding is intended to be utilised for broadening the company’s global footprint and advancing the solutions offered in its supply chain mapping and monitoring software suite. This aligns with the increasing regulatory requirements in North America and Europe that mandate companies to map and monitor their end-to-end supply chains.
Additional information worth noting includes the fact that Sourcemap’s innovative services have seen a surge in demand due to the heightened need for ensuring uninterrupted production, avoiding critical component shortages, and eradicating social and environmental issues within the supply chain.
Speaking on the funding, Energize Ventures partner and Sourcemap board director Juan Muldoon said, “Traceability in our supply chains is one of the critical challenges we face in the drive to a more sustainable energy and transportation future.” He further emphasized the importance of Sourcemap’s services for businesses aiming to establish resilient, responsible supply chains and tap into regulatory funding.
Furthermore, Sourcemap has witnessed historic growth in the recent past, adding more than 100 brands across various sectors to its customer base in the last year alone. It has over two million businesses registered on its platform, with over 250 brands using Sourcemap to map and monitor their supply chains.
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