Index leads $12.2M seed in Sourceful, a data play to make supply chains greener
- ByAyushi Ray | September 15, 2021
Index leads $12.2M seed in Sourceful, a data play to make supply chains greener. Early investors look impressed: Sourceful is announcing a $12.2 million seed funding round today, led by Europe’s Index Ventures (partner, Danny Rimer, is joining the board). Eka Ventures, Venrex and Dylan Field (Figma founder), also participated in the chunky raise. The June 2020-founded startup says it will use the new funding to scale its operations and build out its platform for sustainable sourcing, with a plan to hire more staff across technology, sustainability, marketing and ops. Its team has already grown fivefold since the start of 2021 — and it’s now aiming to reach 60 employees by the end of the year.
And all this is ahead of a public launch that’s programmed for early next year. Sourceful’s platform is in pre-launch beta for now, with around 20 customers across a number of categories — such as food & beverages (Foundation Coffee House), fashion and accessories (Fenton), healthcare (Elder), and online marketplaces (Floom and Stitched) — kicking the tyres in the hopes of making better supply chain decisions. Startup watchers will know that supply chain logistics and freight forwarding has been a hotbed of activity — with entrepreneurs making waves for years now, promising efficiency gains by digitizing legacy (and often still pretty manual) legacy processes.
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