SANTA CRUZ, Calif., Nov. 16, 2018 /PRNewswire/ -- SupplyShift, a leading supplier management, responsible sourcing, and supplier engagement platform, has secured a Series A round of funding to further enable responsible sourcing in global supply chains. Tenfore led this investment round based on SupplyShift's significant momentum over the past two years. Other investors participating in this funding round include Working Capital, an investment fund of Humanity United, and Blackhorn Ventures, with continued investment from Bowery Capital, and Supply Chain Ventures.
"The design of SupplyShift's platform is elegant and purposeful," said Dan Levine, managing partner at Tenfore Holdings. "SupplyShift has demonstrated a unique ability for its software to gain traction among Fortune 1000 enterprises, trade associations, and other industry groups in the retail, manufacturing, industrial, and commodities ecosystems. When data can be organized to create new insights about multi-tier supply chains, it can lead to better economic outcomes for businesses, and to a better world."
SupplyShift is a SaaS-based solution helping companies capture data from all tiers of their supply chain, integrate that with other supplier data, and synthesize that information into actionable intelligence that informs better supplier decisions. The company's platform was built to give customers confidence that their suppliers are implementing business practices that support their own responsible sourcing standards. SupplyShift has doubled the number of projects started in 2018 while significantly increasing bookings and revenue.
"We are honored to be involved with such high-quality investors who have demonstrated their confidence in our team and our vision," said Alex Gershenson, co-founder and CEO of SupplyShift. "Our investors share our vision of enabling responsible sourcing by creating tools for procurement and supply chain professionals so that our customers have a full view of their supply chains and integrate responsible sourcing into everyday business practice."
The funding will be used to expand commercial operations, with a specific investment in customer success, and to extend the capabilities of the SupplyShift control center, from supplier onboarding to daily supplier engagement. Expansions into new geographies and commodity markets are also being enabled with this investment. All customer functions – including sustainability, procurement, and marketing – will benefit from the supplier insights captured and made available through the SupplyShift platform.
"We invest in innovators that show real potential to create more transparent and responsible supply chains," said Ed Marcum, managing director of Working Capital. "By making it easier for companies to leverage important supply chain insights for their decision making, SupplyShift is moving us closer to our shared aim of improving conditions for the world's most vulnerable workers."
SupplyShift provides a comprehensive platform to seamlessly gather and analyze supplier networks, connecting companies to de-risk and improve supply chains. SupplyShift's cloud-based platform allows for reliable data management and performance measurement, secure traceability for supply chain transparency, and improved collaboration throughout the entire supply chain. The platform is built with the belief that, when properly managed, a company's supplier network can deliver incredible value for the company, the greater economy, and can play an important role in changing our world for the better. The SupplyShift platform makes it seamless to gain the insight needed to create a more responsive, responsible supplier network that makes the entire supply chain more productive.