Sourceful, a Manchester, UK-based provider of a platform for sustainable sourcing, raised $20M in Series A funding.
The round was led by Index Ventures with participation from Coatue and Eka Ventures.
The company intends to use the funds to continue its expansion into international markets, with business presence in Europe, Asia, and the US, double the size of its 65-strong team within the next two years, and develop four new product categories, including integrating lifecycle assessments for plastics into the platform.
Led by CEO Wing Chan, Sourceful provides a platform that allows businesses to find products within a marketplace of vetted suppliers across the UK and Asia. It also enables businesses to seamlessly create products to match their unique business needs, with real-time data helping customers understand the price point and carbon footprint of each unit or order based on design variations.
Sourceful achieves this through its Life Cycle Assessment (LCA) methodology, which is verified to the leading global standards (International Organization for Standardization) for estimating environmental impacts.
The company’s ISO verified carbon footprint estimation approach analyses the product choices its clients make, through every level of the supply chain, including the extraction of raw materials, manufacturing of products and transportation, which are often hidden to businesses and consumers. The technology provides a solution to businesses who continue to be exposed to risk, either by not being able to verify the sustainability claims of their suppliers, or by having no visibility over large stretches of their supply chain.
Founded in 2020, Sourceful works with brands across the globe.