SupplyStream raises $250K seed funding from Innovacorp

SupplyStream raises $250K seed funding from Innovacorp
November 13
20:40 2014

SupplyStream, a developer of technology management system for manufacturers, distributors and retailers to access industry data more efficiently, has raised $250,000 in seed funding from Innovacorp.

To date, the company has raised more than $1 million from investors to prove the concept in the electronics industry.

SupplyStream intends to use the funding to further product development and expand into new markets.

SupplyStream’s technology provides a comprehensive online database for resellers who buy wholesale to research products, create proposals and submit purchase orders within their industry.

“We’re the first to automate the process of aggregating product and supplier information from multiple wholesale sources into a single, online database,” said SupplyStream founder & CEO Kirk Chisholm. “We’re helping to convert aging wholesale industries from paper catalogues to the web. Our platform is the catalyst manufacturers need to make this massive change.”

SupplyStream signed up over 2,000 users in its first year of beta testing, including the oldest wholesale electronic distributor in the United States.

SupplyStream collects and organizes product data, including protected pricing, availability and specifications, and presents it in a single web catalogue. It has been called “Expedia for wholesale,” with the bonus of allowing only professional resellers to view pricing.

The company charges dealers a monthly fee to access the website, with a free 30-day trial.

“Business-to-business professional installation markets are grossly underserved by e-commerce technology,” said Gregory Phipps, managing director of investment at Innovacorp. “The custom electronic installation market is valued at over $10 billion and is one of many the SupplyStream platform can serve. Consumers have relied on aggregation services like Expedia and Amazon for years and SupplyStream has positioned itself to be that same tool for professionals. We’re looking forward to being a part of their future success.”

Related Articles

SIGN UP FOR DAILY DEALS AND NEWS UPDATE

CVCA Events

CVCA on Twitter