Tag Archive for: Seed Round

Diverse Investors Join $2 Million SupplyHive™ Seed Round; Investors Sixty8 Capital, Angeles Investors and Service Provider Capital solidify diversity, inclusion missions

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SupplyHive™, a Chicago-based innovative provider of Supplier Performance Management (SPM) technology, announced today that it fully subscribed $2 million in seed funding from three new investors with DNA in diversity and inclusion: Sixty8 Capital in Indianapolis, Indiana, Angeles Investors in Chicago, and Service Provider Capital LLC in Denver.

CHICAGO (PRWEB) OCTOBER 14, 2021

SupplyHive™, a Chicago-based innovative provider of Supplier Performance Management (SPM) technology, announced today that it fully subscribed $2 million in seed funding from three new investors with DNA in diversity and inclusion: Sixty8 Capital in Indianapolis, Indiana, Angeles Investors in Chicago, and Service Provider Capital LLC in Denver.

“The core of each of these new investors shows the power and growth that comes with the application of diversity and inclusion,” said SupplyHive™ President and CEO Lou Sandoval. “We continue to grow our list of enviable brands that will partner with us into the future, starting with their supply chains.”

Sandoval said the SupplyHive’s™ SPM solution offers much-needed transparency to all companies seeking to solidify their diversity, equity and inclusion (DEI) efforts by leveraging performance data to assist in developing suppliers and helping them grow.

“This fosters inclusion that helps large corporations be better partners to diversity and all of their suppliers,” said Sandoval.

Despite an economic-jolting pandemic during 2020, SupplyHive™ subscribed a number of major clients, including Facebook, MARS Global, McDonald’s Corporation, Abbott, BOX, Eaton and First Energy — all taking a leading-edge approach to Supplier Performance Management

SupplyHive™ did not stop there. With the addition of Sixty8 Capital, Angeles Investors, and Service Provider Capital, SupplyHive™ will have the strength to deliver even more. These diverse venture capital firms continue the growing trend in venture-backed start-ups with diverse funds that support diversely founded companies.

“Most of all, they will continue to envision the American Dream with inclusion and opportunity,” said Sandoval.

Read More: Diverse Investors Join $2 Million SupplyHive™ Seed Round; Investors Sixty8 Capital, Angeles Investors and Service Provider Capital solidify diversity, inclusion missions

Supplier management software SupplyHive raises $2M

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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

SupplyHive™ Announces Closing of $2 Million Seed Round with Diverse Major Venture Capitalists: LOUD Capital, Revolution’s Rise of the Rest Seed Fund and Cleveland Avenue

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Chicago startup lands investment from Don Thompson’s diversity fund

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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