SourceDay, an Austin, TX-based supplier collaboration engine of the direct spend industry, closed a $12.5m Series B round of funding.
The round was led by Baird Capital with participation from existing investors Silverton Partners, ATX Ventures and Draper Associates. In conjunction with the funding, Joanna Arras, Principal at Baird Capital, will take a seat on SourceDay’s Board of Directors.
TMore than 6,000 global manufacturers, distributors and suppliers use SourceDay, with many currently relying on the SaaS solution to manage chaotic supply chains that are affected by COVID-19.
The company intends to use the funds to Series B funds to expand its dev efforts and its go-to-market strategy. Product enhancements will include next generation collaboration tools and reporting solutions that are enhanced by machine learning and predictive analytics. The company also plans to expand its ecosystem of complementary SaaS solution providers and distribution partners.
Led by Tom Kieley, CEO, SourceDay is a collaboration engine that brings people, information, and processes together to allow companies to manage orders with their suppliers, drive collaboration and ship orders on time. From Fortune 100 companies to mid-size manufacturers, thousands of organizations use it to connect their teams with their suppliers, centralize order data, and drive their businesses forward. Since 2013, SourceDay has served more than 6,000 manufacturers, distributors and suppliers to process more than $66B in total spend.
The company has a team of over 50 employees.