Sourcemap: The Supply Chain Mapping Company

Background

Founded in 2011 and headquartered in New York City, Sourcemap is a pioneer in supply chain transparency and traceability software. Originating from MIT research, the company offers a platform that enables businesses to map their supply chains comprehensively, from raw materials to finished products. Sourcemap's mission is to provide procurement teams with unprecedented insights into their end-to-end supply chains, ensuring best practices are implemented at every stage. The company's solutions are utilized across various industries, including agriculture, apparel, pharmaceuticals, automotive, and luxury goods.

Key Strategic Focus

Sourcemap's strategic focus centers on enhancing supply chain visibility and compliance through:

• Supply Chain Mapping: Automating the identification of upstream suppliers to build a foundation for continuous improvement.

• Chain of Custody Traceability: Verifying shipments for authenticity and compliance by collecting evidence across the entire supply chain.

• Supplier Risk Monitoring: Real-time monitoring of the extended supplier base to identify and mitigate risks.

• Sustainability Assessment: Collecting data from every supplier down to raw material sources and cross-referencing with advanced satellite imagery and impact assessment databases.

• ERP Integration: Seamless integration with enterprise resource planning systems to automate sub-supplier qualification and trace purchase orders.

• Supplier Engagement: Supporting suppliers globally through an international team overseeing onboarding, support, and regular communication.

These initiatives aim to help businesses comply with emerging legislation such as the U.S. Inflation Reduction Act, the CHIPs Act, the Uyghur Forced Labor Prevention Act (UFLPA), the EU Anti-Deforestation Law, and the EU Green Deal.

Financials and Funding

Sourcemap has secured significant funding to support its growth:

• Series A Funding (March 2022): Raised $10 million led by Energize Ventures, with participation from E14 Fund. The capital was intended to expand operations in North America and establish a European subsidiary.

• Series B Funding (June 2023): Secured $20 million led by Energize Ventures, with contributions from E14 Fund. This funding aimed to further expand Sourcemap's global presence and enhance its supply chain mapping and monitoring software suite.

As of 2024, Sourcemap reported a revenue of $6.2 million, reflecting substantial growth from previous years.

Technological Platform and Innovation

Sourcemap's platform is distinguished by several proprietary technologies and methodologies:

• Supplier Data Universe: Manages end-to-end supply chain data needs via API-powered microservices and ERP integrations.

• Sustainability Management: Oversees certified, sustainable, and independently verified supply chains, including partner programs and company sustainability KPIs.

• Supply Chain Resilience: Provides an end-to-end control tower to track delays and bottlenecks from raw materials to end customers.

• Upstream Quality Assurance: Maps upstream supply chains and traces transactions to pinpoint the root causes of issues like adulteration, contamination, and counterfeiting.

These innovations position Sourcemap as a leader in supply chain transparency and due diligence.

Leadership Team

Sourcemap's leadership comprises experienced professionals dedicated to advancing supply chain transparency:

• Leonardo Bonanni: Founder and CEO.

• Bennington Purcell: Co-founder.

Their combined expertise drives the company's mission and strategic initiatives.

Competitor Profile

Market Insights and Dynamics:

The global supply chain management software market is projected to grow significantly, driven by increasing demand for transparency and compliance with regulatory standards. Emerging markets, particularly in the Asia-Pacific region, are expected to show substantial growth.

Competitor Analysis:

Sourcemap operates in a competitive landscape with several key players:

• Transparency-One: Focuses on supply chain transparency and compliance solutions.

• EcoVadis: Provides sustainability ratings and performance improvement tools for global supply chains.

• Resilinc: Specializes in supply chain risk management and monitoring.

Sourcemap differentiates itself through its comprehensive mapping and traceability solutions, addressing both compliance and sustainability needs.

Strategic Collaborations and Partnerships

Sourcemap has established significant partnerships to enhance its offerings:

• Kharon (December 2022): Integrated Kharon's Forced Labor dataset into its platform, enabling clients to automatically verify supply chain maps against high-risk entities, thereby enhancing compliance with import regulations.

• ECOM Agroindustrial Corp Ltd. (December 2024): Partnered to ensure compliance with the EU Deforestation Regulation, demonstrating Sourcemap's commitment to environmental sustainability.

Operational Insights

Sourcemap's strategic initiatives focus on:

• Regulatory Compliance: Developing solutions like the Forced Labor Due Diligence Solution to help businesses comply with regulations such as the UFLPA.

• Technological Advancements: Continuously enhancing its platform.