SourceDay, an Austin, Texas-based leading supply chain procurement collaboration engine for direct spend materials and one of Austin’s fastest-growing companies, announced it closed a $31.5 million Series C round of funding.
The round was led by Norwest Venture Partners, with participation from existing investors ATX Ventures, Baird Capital, Draper Associates, Ring Ventures, and Silverton Partners.
The new financing will enhance SourceDay’s ability to help its customers mitigate supply chain risk as the pandemic continues to impact suppliers.
SourceDay will use its Series C funds to accelerate its recruiting efforts, reinforce the company’s sales, channel, and marketing engines, and maintain its continued investment in operations and customer success from 2021. The company plans to double its product and engineering teams and bring on a product leader to its executive team.
Company: SourceDay, Inc.
Round: Series C
Funding Month: February 2022
Lead Investors: Norwest Venture Partners
Additional Investors: ATX Ventures, Baird Capital, Draper Associates, Ring Ventures, and Silverton Partners
Company Website: https://sourceday.com/
Software Category: Purchase Order management
About the Company: Founded in 2013, SourceDay is the leading Software as a Service (SaaS) solution that automates purchase order management processes by seamlessly integrating with Enterprise Resource Planning (ERP) systems. Made for manufacturing and distribution companies to manage direct spending, SourceDay extends ERP purchasing capabilities by centralizing and managing the PO lifecycle for buyers and suppliers, eliminating manual processes while improving supplier performance. 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.