Sourceful, a Manchester, UK-based sustainable supply chain-focused startup, has raised $20 million in Series A funding. The round was led by Index Ventures which also saw participation from Coatue and Eka Ventures.
Founded in 2020 by Wing Chan, Shiran Zheng and Mary Wang, Sourceful is an end-to-end sourcing and supply chain platform that allows businesses to find products within the vetted suppliers market in the UK and Asia. It enables them 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 by the leading global standards for environmental impact assessment (International Organization for Standardization).
The company’s ISO verified carbon footprint estimation approach analyzes the product choices its customers make through every level of the supply chain, including raw material extraction, manufacturing and transportation of products, which are often hidden from businesses and consumers. The technology provides a solution for businesses that remain exposed to risk, either not being able to verify their suppliers’ sustainability claims, or have no visibility over large parts of their supply chain.
Sourceful works with brands around the world. The company has had about 30 customers since launching the platform in Q1, but says it expects to grow significantly from here.
With a business presence in Europe, Asia, and the US, Sourceful plans to use the funds to continue its expansion into international markets. The company aims to 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.
Sourceful previously has raised $12.2 million in September 2021 bringing the total funding to date to $32.2m.