Sourceful, a start-up firm that has created a platform to help businesses reduce their carbon footprint in packaging and supply chains, has raised $ 20m (£ 15.2m).
The Manchester-based company will use the new capital for international expansion, doubling its 65 employees, and developing four new product categories – including the integration of lifecycle assessments for plastics.
Index Ventures led the Tier A round, with additional investment coming from Coatue and Eka Ventures.
Source uses data to help businesses find and manage sustainable products. Businesses can use the “data-driven” platform to design custom sustainable packaging and offset their carbon footprint.
In designing, firms can see the carbon footprint and price implications of the proposed changes.
“Businesses are under pressure to reduce their emissions, due to environmental urgency, increasing consumer demand, and increasing regulatory burdens on climate exposure,” said Wing Chan, CEO and co – founder, Sourceful.
Consumer industries account for 35% of global emissions, with around 83% of these emissions coming from the supply chain. E-commerce packaging continues to have an impact on the environment as online sales increase by 15% each year.
“We often hear about the ‘green premium’ which means that emissions reductions cannot be scaled, but we have seen the opposite of packaging. Presenting better options can also reduce the pursuit of costs, ”said Chan.
Previous source raised £ 8.8m in September 2021, bringing the total funding to date to £ 23.8m.
“Supply chains are one of the biggest barriers to sustainability in the world, but one of our biggest opportunities is to reduce global emissions,” said Danny Rimer, a partner at Index Ventures. “Sourceful is leading the drive to reduce the carbon footprint of supply chains, with the expertise, data and AI to give businesses unprecedented choices and transparency.”
The global supply chain technology market is $ 25bn today and is projected to grow to $ 100bn by 2030.
In the year 2021 UK impact technology Start-ups raised $ 2bn, up from £ 1.7bn in 2020.
Sustainable supply chain firm Sourceful delivered a £ 15m funding package
Source link Sustainable supply chain firm Sourceful delivered a £ 15m funding package