Sourceful raises $20m to scale platform helping brands decarbonise supply chains
Sourceful, a platform for sustainable sourcing, has secured a $20 million Series A funding round led by Index Ventures, backers of Deliveroo, Dropbox and Just Eat.
Coatue and Eka Ventures also participated.
Founded in 2020, Sourceful works with brands to shrink their environmental impact by helping them find, create and deliver products that are better for their business and the planet.
Sourceful’s CEO and Co-founder, Wing Chan, says: “Pressure is mounting on businesses to reduce their emissions, due to the environmental urgency, increasing consumer demand, and the growing regulatory burdens around climate disclosure.”
“Companies want to offer consumers sustainable choices, but they don’t have the tools to find affordable alternatives to improve their supply chain, which remains one of the biggest drivers of businesses’ emissions.”
“And businesses are still unable to accurately measure the total carbon footprint of their supply chain, despite it being responsible for more than 90% of companies’ emissions across the globe.”
“We often hear about the ‘green premium’ making emission reductions unaffordable at scale, but we’ve seen the inverse with packaging. Presented with better choices, reducing footprint can also reduce cost.”
Sourceful will use the Series A investment to continue its expansion into international markets, with business presence in Europe, Asia, and the US, alongside doubling the size of its 65 strong team within the next two years.
The raise will also enable it to develop four new product categories, including integrating lifecycle assessments for plastics into the platform.
Danny Rimer, Partner at Index Ventures, says: “Supply chains represent one of the world’s biggest sustainability roadblocks, but they also contain one of our biggest opportunities to reduce global emissions.”
“Sourceful is spearheading the effort to reduce the carbon footprint of supply chains, with the expertise, data and AI to give businesses the choices and the transparency they never had.”
“Following its recent ISO verification, we believe the brand can go truly global and work with the world’s biggest businesses, to help build tomorrow’s sustainable world economy.”
