Though it may come as a surprise, details about the supply chain operations of many of today’s biggest brands are stored in spreadsheets. Maybe not a bad way to do things if you’re a one-man operation, but the larger your company, the larger the room for error.
Now, companies like Fiji Water, the Wonderful Company and Cal-Organic are instead relying on Specright to securely manage data on supply chain operations, packaging, raw materials, product volume and more.
Today, Specright announced it has raised $8.8 million in a Series A funding round.
The Series A round was led by Pritzker Group Venture Capital, with participation from previous investors Fika Ventures, Mucker Capital and Okapi Venture Capital. President and CEO Matthew Wright explained to Built In how this funding will be used to take Specright to the next level.
“The latest round of funding will help us accelerate the development of new features and functionality, especially around quality, procurement, sustainability and intelligence,” he said.
Wright also predicts that the funding will contribute to a major staffing surge. Currently, Specright is home to about 30 employees. Wright predicts that number to leap to 75 by early 2020. The company will be looking to add talent to its Irvine headquarters, as well as nationally and even internationally.
Founded in 2014, Specright was borne out of a realization that, across industries, supply chain management was operating extremely inefficiently.
After working in the packaging industry for over 20 years, I witnessed firsthand the lack of accurate, shareable product and packaging data.”
“After working in the packaging industry for over 20 years, I witnessed firsthand the lack of accurate, shareable product and packaging data, or what we call ‘specifications,’” Wright explained. “I realized that brands and their partners needed an accurate and accessible single source of truth for this type of data to better bring products to market.”
The result is Specright’s all-in-one supply chain management platform: accessible across devices, packed with analysis and recommendations features, and designed to be user-friendly.
In addition to saving businesses money and time, Wright said Specright’s features help companies become more eco-friendly.
“With Specright, companies can easily pull reports on materials used across products, benchmark their current state, and identify areas to take action on to make their products and packaging more sustainable,” he said.
