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Venture Capital News: SourceDay Completes $31.5M Series C Round

AUSTIN, TX, SourceDay today announced it closed a $31.5 million Series C round of funding.
SourceDay, a leading supply chain procurement collaboration engine for direct spend materials and one of Austin's fastest-growing companies, today announced it closed a $31.5 million Series C round of funding. The round, led by Norwest Venture Partners with participation from existing investors ATX Ventures, Baird Capital, Draper Associates, Ring Ventures and Silverton Partners, comes at a critical time for manufacturers, distributors, consumer packaged goods brands and retailers as they are challenged with continued supply chain disruptions and first-mile issues accelerated by the pandemic.

Today more than ever, supply chains are broken, unstable and disrupting organizations throughout the world. SourceDay helps small to large organizations solve their complex supply chain challenges in manufacturing, distribution and consumer product goods. SourceDay provides unique collaboration software that bridges the legacy gap between suppliers and the ERP by automating purchase order (PO) changes throughout the entire direct spend lifecycle. With SourceDay's suite of collaborative products, procurement teams can trace a single part from PO issuance to acknowledgment and final delivery, giving organizations unprecedented visibility into the first mile of their supply chain.
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