Sourcemap, billed as the only enterprise solution able to meet the full suite of global supply chain due diligence requirements, has announced the close of a $20 million Series B investment round led by Energize Ventures with participation from the E14 Fund.
Funds will be used to further expand Sourcemap‘s global footprint and add critical business solutions to its supply chain mapping and monitoring software. The full suite of due diligence features includes end-to-end supply chain mapping, transaction traceability and verification, real-time risk monitoring, business continuity planning and consumer-facing transparency.
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Emerging regulations in North America and Europe have become increasingly stringent and now require companies to map and monitor their supply chains end-to-end. This is to avoid interruptions in production and shortages of critical components as well as root out social and environmental problems like forced labor or serious environmental infractions like deforestation.
Since June 2022, U.S. Customs and Border Protection has seized more than 4,000 U.S.-bound shipments on suspicion of labor violations, which led to major disruptions across the apparel, electronics, automotive, and food industries. Hundreds of farmed, mined and manufactured goods are subject to these supply chain mapping regulations, including the packaging, chemicals, polymers and metals that are part of many companies’ supply chain.
Juan Muldoon, partner at Energize Ventures and member of Sourcemap’s board of directors, noted how important supply chain traceability is to the future of sustainable energy and transportation, and how certain incentives provided for in the Inflation Reduction Act depend on ironclad, glitch-proof top-to-bottom traceability. The leading global provider of supply chain mapping and monitoring technology, Sourcemap uses AI-powered functionality to send its customers real-time alerts for supplier watchlist screening, reputational hazards and supply disruptions.
“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,” Muldoon said.
Sourcemap’s latest funding round comes on the heels of historic growth, with the addition of more than 100 brands across apparel, luxury, automotive, electronics, food, energy and life sciences to its customer base over the past year. It now has more than two million businesses registered on its platform. More than 250 brands use Sourcemap to map and monitor their supply chains.
Chicago-based Energize Ventures is a climate software investor focused on scaling sustainable innovation. It works in partnership with climate technology companies at various stages of development by helping them scale and grow strategically.
The E14 Fund is an MIT-affiliated early-stage venture capital firm involved in transformational deep tech startups in such areas as AI/ML, robotics, climate, biomanufacturing, life sciences, material science and sensing.
Sourcemap founding CEO Leonardo Bonanni noted how the latest round of funding reinforces the company’s goal of enabling business of all kinds to map their supply chains to strengthen the global economy.
“Businesses today cannot afford to go to market without full end-to-end supply chain visibility,” he said. “It’s a must-have for ensuring strategic supplies of raw materials, for preventing disruptions, for ensuring compliance and de-risking brands.”
