SourceDay, which makes supply chain management software, announced on Tuesday that it has raised $31.5 million in venture capital funding.
Austin-based SourceDay, founded in 2013, has raised $55 million to date. Norwest Venture Partners led the Series C round of funding with participation from existing investors ATX Ventures, Baird Capital, Draper Associates, Ring Ventures, and Silverton Partners.
SourceDay has seen a huge uptick in customer demand for its platform. The company broke records in 2021 with thousands of new customers. Today, more than 12,000 global manufacturers, suppliers, and distributors use SourceDay’s software and platform to manage supply chain issues. So far, SourceDay has processed more than $124 billion for its customers.
SourceDay plans to use the new funds for product development and to hire new staff. “The company plans to double its product and engineering teams and bring on a product leader to its executive team,” according to a news release. SourceDay has more than 80 employees and recently hired Sarah Scudder as its chief marketing officer.
“Procurement teams can expect more than half of their purchase orders to change—a level of unpredictability that can be detrimental to many organizations. Procurement teams—and their suppliers—need user-friendly solutions in response to the supply chain’s erratic nature,” Tom Kieley, CEO and co-founder of SourceDay, said in a news release. “Maintaining healthy supply chain performance is more important today than ever. Our emphasis on streamlining a company’s first mile enables teams to increase on-time deliveries, eliminate pricing discrepancies with suppliers, minimize inventory issues and drive predictability with last-mile receiving. This investment will have a tremendous impact on our services and digital platform as we embark on another year of record growth and creating resilient supply chains for our customers.”
In addition to leading this round, Norwest partner Sean Jacobsohn will take a seat on SourceDay’s board of directors.
“Tom, Clint and the SourceDay team have impressed us with their deep domain experience and ability to scale the business at a time when supply chain performance software couldn’t be more critical,” Sean Jacobsohn, Partner at Norwest said in a news release..”
