Sourcemap Raises $10 Million to Enhance Transparency and Traceability in Supply Chain
A Brief Summary
Sourcemap, a leading supply chain software company, announced it raised $10 million to help businesses track their supply chain, everything from raw material sourcing to carbon emissions in their operations.
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Sourcemap has been associated with more than 4,00,000 retailers and manufacturers from several industries such as apparel, food, agriculture, home goods, automotive, cosmetics, luxury and pharmaceuticals. The firm claims to be the world's largest supply chain due diligence network.
Sourcemap claims that its data and analytics have helped companies make responsible sourcing decisions for more than $60 billion in purchases.
The company said recent supply chain disruptions highlighted the importance of end-to-end visibility in how goods and raw materials are sourced. It reveals that in January 2021, the US confiscated almost $1 billion worth of items suspected of being linked to forced labour. In addition, the Department of Labor has identified more than 60 categories of commodities in 40 nations, with more possibly vulnerable to seizure.
Sourcemap says new regulations regarding decarbonisation, deforestation and forced labour would make multinationals implement technology for transparency and traceability in many facets of their global supply chain operations.
Sourcemap’s CEO and founder Leonardo Bonanni adds: “Supply chain mapping has become an essential tool for competitiveness and compliance across the global economy.”
Massachusetts Institute of Technology created the Sourcemap software platform, which involves supplier discovery, supply chain mapping, supplier risk assessment, transaction traceability, fraud detection, resilience planning, real-time visualisation and consumer-facing transparency.
Sustainable industries venture firm, Energize ventures led Sourcemap's $10 million Series A funding with participation from start-up venture capital firm E14 fund.
“As supply chain disruptions challenge core operations for businesses across nearly all sectors of the global economy, companies are looking for solutions that can provide better visibility into every link in the chain,” says Juan Muldoon, partner at Energize Ventures.
