Supply chains can be a complex logistical challenge. But they pose an even greater environmental challenge. And it’s that latter problem — global supply-chain sustainability — where UK startup Sourceful is fully focused, although it argues its approach can boost efficiency as well as shrink environmental impact. So it’s a win-win, per the pitch.
Early investors look impressed: Sourceful is announcing a $12.2 million seed funding round today, led by Europe’s Index Ventures (partner, Danny Rimer, is joining the board). Eka Ventures, Venrex and Dylan Field (Figma founder), also participated in the chunky raise.
The June 2020-founded startup says it will use the new funding to scale its operations and build out its platform for sustainable sourcing, with a plan to hire more staff across technology, sustainability, marketing and ops.
Its team has already grown fivefold since the start of 2021 — and it’s now aiming to reach 60 employees by the end of the year.
And all this is ahead of a public launch that’s programmed for early next year.
Sourceful’s platform is in pre-launch beta for now, with around 20 customers across a number of categories — such as food & beverages (Foundation Coffee House), fashion and accessories (Fenton), healthcare (Elder), and online marketplaces (Floom and Stitched) — kicking the tyres in the hopes of making better supply chain decisions.