SourceDay provides a SaaS procurement collaboration engine that automates purchase order (PO) changes and bridges suppliers with enterprise ERPs to improve visibility into the first mile. Its platform lets procurement teams trace a single part from PO issuance through acknowledgment to final delivery and manage supplier collaboration in real time. More than 12,000 global manufacturers, distributors and suppliers use SourceDay, and the platform has processed over $124 billion in direct spend for its customers. The company broke records in 2021 with the addition of thousands of new platform users and employs more than 88 people. SourceDay plans to double its product and engineering teams, add a product leader, accelerate recruiting, and reinforce its sales, channel, marketing, operations, and customer success functions. SourceDay provides a supplier collaboration engine and SaaS solution that centralizes order data, connects teams with suppliers, and drives on-time shipments for manufacturers and distributors. The company’s platform is used by more than 6,000 manufacturers, distributors and suppliers and has processed over $66 billion in total direct spend. SourceDay emphasizes modernizing how companies manage orders with suppliers through collaboration tools and centralized information. The company plans to use its Series B proceeds to invest in product and go-to-market, including next‑generation collaboration tools and reporting solutions enhanced by machine learning and predictive analytics. SourceDay also intends to expand its ecosystem of complementary SaaS providers and distribution partners to broaden its platform reach. In 2019 the company had a record-breaking year and doubled its team to over 50 employees as demand for supply chain software grew amid COVID-19 disruptions. SourceDay offers a cloud SaaS platform that automates direct-spend procurement, centralizes purchase order management, and enables supplier collaboration through ERP integration. The solution standardizes the PO lifecycle—from acknowledgments to supplier invoices—aiming to replace manual processes, reduce cost, accelerate operational performance, and diminish supply-chain risk. The company launched its platform in 2015 and reports customers are experiencing, on average, 35 percent savings in on-time material deliveries. SourceDay targets manufacturers and distributors by extending ERP purchasing capabilities and improving supplier performance. With the new financing, the company plans to expand its sales and marketing, grow its team, and broaden and accelerate product development. SourceDay offers a purchase order management automation SaaS that integrates with existing ERP systems to centralize and manage the PO lifecycle for buyers and suppliers. The product provides real-time visibility and automated workflows that extend ERP purchasing capabilities and eliminate manual processes. SourceDay targets manufacturing and distribution companies handling direct spend and positions its software as a strategic tool to improve supplier performance and reduce supplier-side risks. The company says customers save an average of 10 hours per week per buyer and improve supplier on-time deliveries by 35 percent. SourceDay burst onto the market in 2015 and operates from Austin, Texas. Following its recent financing, the company plans to hire product development and additional sales professionals to meet increasing demand.

Total raised

$54M

Funding rounds

4

Latest round

Series C

Latest activity

Feb 2022