Tag Archive for: Lou Sandoval

SupplyHive™ Named to Built In Chicago’s List- Future 5 of Chicago Tech Q1 2022

From Built in Chicago

SupplyHive™ (Software)

In any organization, it takes a team to accomplish a common goal, and that team extends beyond the employees that make up a company’s internal workforce. Behind most organizations is a network of suppliers that helps that workforce get their jobs done. Given the important role suppliers play, it’s imperative that businesses manage their suppliers’ performance regularly to ensure the company keeps thriving.

“In a honeybee colony, the survival of the entire colony depends on the coordinated actions of individuals,” Lou Sandoval, president and CEO of SupplyHive, told Built In. “We believe the same to [be] functionally true for a supplier network: leveraging the power of a supplier network for the benefit of all, [and] using the insights gained to improve performance and return on investment.” 

SupplyHive is a software platform that helps corporations rate, review, and score their suppliers. Its solution leverages AI, machine learning and natural language processing to help companies centralize, standardize, scale and automate the supplier performance process. The early concept for the platform was for it to be like Yelp for suppliers, but with access to deeper and more insightful analytics.

The company works to help businesses increase the value of their supply chain through collective awareness of performance data, results and relationships. Users can choose or create a review template and invite their teams to submit a review. That data is then processed with AI into a qualitative and quantitative report that shows the business how that supplier performs for it as compared to other companies.

With the current enterprise resource planning market dominated by systems-based software providers, SupplyHive is looking to disrupt the sector by delivering clear and tangible value as a point solution that integrates with other like-minded product-first platforms. The end goal? A holistic user experience, Sandoval said.

Founded in 2018, SupplyHive brought on its first seven enterprise customers in 2020. Today it serves names including McDonald’s, Nike, Meta and Mars.

Chicago United Names Lou Sandoval to 2021 Business Leaders of Color List

Supplier management software SupplyHive raises $2M

By Jim Dallke – Senior Editor, Chicago Inno August 04, 2021

SupplyHive, a Chicago software startup that helps large companies rate and review their suppliers, is catching on with several well-known brands and is preparing to grow with a fresh round of funding.

SupplyHive announced it raised a $2 million seed round led by LOUD Capital, along with Revolution’s Rise of the Rest Seed Fund and Cleveland Avenue’s CAST US fund. Cleveland Avenue was founded by former McDonald’s CEO Don Thompson and earlier this year raised a $70 million fund to invest specifically in Black, Latinx and women-owned companies in Chicago. 

Read More: Supplier management software SupplyHive raises $2M

Chicago startup lands investment from Don Thompson’s diversity fund

SupplyHive simplifies the procurement process and allows companies to find and work with suppliers led by minority leaders.

July 27, 2021 03:10 PM KATHERINE DAVIS  Crain’s Chicago Business

A Chicago startup that’s simplifying procurement for businesses just raised new financing from a group of investors that includes a fund for underrepresented founders from former McDonald’s CEO Don Thompson.

SupplyHive announced it raised $2 million in a seed round on Tuesday. Besides Thompson’s firm, Cleveland Avenue, participants included Steve Case’s Revolution Rise of the Rest Seed Fund and Columbus-based LOUD Capital, which led the round.

Cleveland Avenue backed SupplyHive through its $70 million Cleveland Avenue State Treasurer Urban Success Fund, which was announced in March. The fund specifically invests in companies led by Black, Latino and female entrepreneurs in Chicago’s South and West Side neighborhoods. Cleveland Avenue has also backed Chicago companies like 86 Repairs and DrugViu.

Led by founder Mike Anguiano and President and CEO Lou Sandoval, SupplyHive makes software designed to help businesses centralize, standardize, scale and automate the supplier performance process using artificial intelligence and machine learning. The company, launched in 2018, says its clients include Facebook, MARS Global, McDonald’s and Abbott.

SupplyHive also allows companies to find and work with suppliers led by minority leaders.

The new financing will be used to grow the startup’s sales and marketing teams, and further develop its product, Sandoval said in a statement. SupplyHive has raised about $4 million to date.

“The investment by these new diverse venture capital firms signals a growing trend in venture-backed startups diverse funds supporting diverse-founded companies, especially in the technology sector where there are so few diverse executives,” Sandoval said.

Read More: Chicago startup lands investment from Don Thompson’s diversity fund

SupplyHive™ Announces Appointment of CEO and Provides Corporate Updates

Chicago, IL (January 26, 2021) SupplyHive™, an innovative provider of Supplier Performance Management Technology announced today the appointment of Louis Sandoval as Chief Executive Officer (CEO) and Director of the Company effective immediately. Mr. Sandoval will succeed founder Mike Anguiano, who will continue as a member of the leadership team and board of directors.