SourceDay, which makes supply chain management software, announced on Tuesday that it has raised $12.5 million in venture capital funding.
The Austin-based
startup, founded in 2013, has raised $23.3 million to date. The company’s
latest Series B round of funding was led by Baird Capital with participation
from existing investors Silverton Partners, ATX Ventures and Draper Associates.
SourceDay is filling a
need for manufacturers and distributors that depend on supply chain management
software now more than ever because of the impacts of the COVID-19 global
pandemic.
“As businesses face
unprecedented times, they are seeking faster answers to bigger challenges,” Joanna
Arras, Principal at Baird Capital and SourceDay’s newest board member said in a
news release. “More than ever, companies need resilient and agile supply
chains. Poor supply chain visibility and inefficient collaboration will be
crippling during this time of rapidly shifting demand. Baird Capital is proud
to invest in SourceDay to help companies face these challenges head-on.”
SourceDay has more
than 6,000 global manufacturers as customers. The latest funding will “enhance
SourceDay’s ability to help its customers mitigate supply chain risk as the
pandemic continues to play out and prepare for when the eventual rebound hits,”
according to a news release.
SourceDay expects to
use the funds from this round on product development and marketing.
“The COVID-19 pandemic
is exposing the ways that outdated supply chain practices make manufacturers
vulnerable,” Tom Kieley, CEO, SourceDay, said in a news release. “I’m excited
to add Baird Capital to our team of investors. Baird’s experience with leading
SaaS companies and its relationships across the manufacturing sector will help
SourceDay achieve our mission to make companies less vulnerable to current
supply chain disruptions and to all kinds of shifts in demand.”
Last year, SourceDay
landed thousands of new customers. The company also doubled in size to more
than 50 employees.
