Traceability software provider Sourcemap gets $10 million in funding
End-to-end supply chain traceability software provider Sourcemap has secured $10 million in Series A funding, which it will use to expand its North American footprint and add a European subsidiary.
Recent supply chain disruptions have underscored the importance of end-to-end visibility in how goods and raw materials are sourced. In January 2021, the U.S. seized over $1 billion worth of goods with suspected ties to forced labor. More than 60 categories of goods in 40 countries have been flagged by the Department of Labor and more may be subject to seizure. In addition, new regulations around decarbonization, deforestation and forced labor require major multinationals to implement technology for transparency and traceability in many aspects of global supply chain operations.
Sourcemap provides state-of-the-art due diligence software for global brands to map their supply chains down to the raw materials and ensure operational best practices at every step of the way. Born out of MIT research, Sourcemap’s software platform encompasses the full suite of due diligence requirements to support all business needs, including: supplier discovery, supply chain mapping, supplier risk assessment, transaction traceability, fraud detection, resilience planning, real-time visualization and consumer-facing transparency.
With more than 400,000 business entities registered on its platform, Sourcemap claims to be the world’s largest supply chain due diligence network. Leading retailers and manufacturers across food and agriculture, apparel, home goods, automotive, pharmaceuticals and luxury and cosmetics use Sourcemap for end-to-end supply chain due diligence. Sourcemap data and analytics have been used to drive responsible sourcing decisions on more than $60 billion of purchasing spend.
While legacy enterprise resource planning (ERP) falls short in handling big data across multiple global operations, Sourcemap delivers real-time data to communicate to stakeholders and end consumers exactly where and how commodities are sourced. This announcement marks the next big step in ensuring Sourcemap customers around the world benefit from its full suite of options to meet critical social and environmental targets.