Sourceful is a company that provides a sustainable sourcing platform for companies in the apparel and beauty industries and Orion Chinacimpanu Therecord. Their mission is to create a network of socially responsible businesses that manufacture products that are ethically made, ethically sourced, and sustainable. As the company expands its operations, it will be expanding its reach and impact in the global marketplace. In addition to expanding its operations, the company is also looking to improve its impact on the environment.
A company called Sourceful has snuck its way into the tech startup fold. The company is a bit of a jack of all trades as they handle all of the logistics for brands and consumer goods manufacturers, not to mention some of the finest green wares the world has to offer. As a result they have had the opportunity to test the waters for some of the most cutting edge technologies on the planet. They have even been fortunate enough to garner funding from the likes of Eka and Index Ventures who have also participated in the Sourceful mega-round. This scalacity has allowed them to create a best of breed supply chain and logistics platform that can scale with the burgeoning e-commerce enterprise. In fact, their customer base has grown by over a hundred percent in less than six months. That said, there is always room for improvement. It is therefore no surprise that they were able to raise a $20 million Series A round of funding.
Platform for sustainable sourcing
Sourceful is an all-in-one platform for sustainable sourcing. It is built to help brands identify and reduce their environmental footprint, balancing cost, time, and customisation. Using data, it is able to streamline time-consuming workflows and provide consumers with live pricing information and an accurate carbon footprint score.
Sourceful works with brands around the world to reduce emissions in the supply chain. By integrating ethical performance factors into the sourcing process, it creates products that match the business’s needs.
Sourceful also helps companies build stronger relationships with their suppliers. Using smartKYC technology, the platform is able to streamline the due diligence process and drive faster third-party compliance conformance. The platform also helps companies reduce costs and improve productivity.
Founded in 2020, the company plans to hire more employees in the sustainability and technology areas. To expand its operations, it has secured a Series A funding round. Investors include Index Ventures, Coatue Management, and Venrex.
Expansion into international markets
Sourceful is an environmental startup that uses data to help companies source eco-friendly products. The company works with brands across the globe to minimize environmental damage. Its platform helps businesses source eco-friendly products through a marketplace of vetted suppliers.
Since its launch in Q1 of 2020, the startup has managed to secure over $12 million in funding. In addition to the seed round, Index Ventures, Eka Ventures and Venrex also participated. Now, the company is getting ready to expand to the global stage.
To that end, Sourceful recently secured a Series A investment. This funding will allow the company to develop four new product categories. Using these funds, the team will also hire more than 60 employees in the next two years.
Sourceful is also planning to integrate LCAs for plastics into its technology platform. In fact, the company is already working with 40 carefully vetted suppliers in China.
Impact on the environment
Sourceful is an all-in-one sourcing platform that allows businesses to shop for environmentally friendly products, understand their carbon footprint, and drive continuous improvement. In addition, it provides real-time data to help companies make the best business decisions. It also helps brands identify new products, find packaging, and understand their price point.
With over 1 million items shipped, Sourceful has customers in fashion, food and beverage, and fast-growing online marketplaces. The company plans to double its 65-strong team in the next two years.
Sourceful aims to change how global supply chains are run. As a result, it will invest in talent across technology, marketing, and sustainability. This will include expanding its core operating model and developing four new product categories.
Sourceful’s approach analyzes manufacturing, transportation, and extraction of raw materials to estimate a product’s carbon footprint. Sourceful’s methodology is ISO certified and verified to leading global standards.
Sourceful has already worked with brands and retailers in the US, UK, and EU. Using its platform, brands can create products, manage their environmental impact, and get better prices.