Sourceful, a company that has developed a platform to assist businesses in reducing their carbon footprints in packaging and supply chains, has secured $20 million (£15.2 million) in investment.
The Manchester-based firm will utilise the additional funds to expand internationally, more than tripling its current workforce of 65 people and establishing four new product categories, including the integration of lifetime evaluations for plastics.
Coatue and Eka Ventures also contributed to the Series A round, which was headed by Index Ventures.
Data is used by Sourceful to assist businesses in sourcing and managing sustainable products. Businesses may develop unique sustainable packaging and offset their carbon impact using the “data-driven” platform.
Impact tech firms in the United Kingdom raised $2 billion in 2021, up from £1.7 billion in 2020.
Businesses may assess the carbon impact and financial consequences of suggested modifications when developing.
“Due to environmental urgency, increasing consumer demand, and increased regulatory requirements around climate transparency, companies are under increasing pressure to cut their emissions,” said Wing Chan, CEO and co-founder of Sourceful.
Consumer industries account for 35% of world emissions, with the supply chain accounting for 83 percent of those emissions. As online sales grow by 15% each year, ecommerce packaging continues to have an impact on the environment.
“We regularly catch about the ‘green premium,’ which makes emission reductions costly on a large scale, but we’ve seen the opposite with packaging.” When given better options, minimising footprint may also save money,” Chan noted.
Sourceful previously secured £8.8 million in September 2021, increasing its total fundraising to £23.8 million to date.
Deliveroo, Dropbox, and Just Eat are among Index Ventures’ previous investments.
“One of the world’s major sustainability hurdles is supply chains, but they also hold one of our biggest potential to cut global emissions,” said Danny Rimer, partner at Index Ventures. “With its experience, data, and AI, Sourceful is leading the charge to minimise the carbon footprint of supply chains, giving businesses the choices and transparency, they’ve never had before.”
The worldwide supply chain technology industry is now valued at $25 billion and is predicted to reach $100 billion by 2030.