- Greycroft, Uncork Capital, ServiceNow Ventures, and High Alpha participated, and BAM Elevate, the venture capital arm of Balyasny Asset Management, led it.
- The funds will not only improve the supply network but also map and track every supplier in the supply chain while providing reliable information on risks associated with ESG, legal compliance, and cybersecurity.
Enterprise supply chain intelligence startup Craft Co. closed on a USD 32 million equity financing round led by BAM Elevate, Balyasny Asset Management LLC’s venture capital arm.
In the series B round, it included active participation from several backers, including Uncork Capital, Greycroft, High Alpha, Service Now Ventures, Point Field Partners, Okta Inc. Co-founder and Executive Vice Chairman Frederic Kerrest, Freshworks Inc. Chief Marketing Officer Stacey Epstein and LaunchDarkly Inc. co-founder and Chief Executive Edith Harbaugh.
San Francisco-based Craft company has made a robust platform that enables supply chain, procurement, and risk managers to track and handle their supply network. Things that differentiate Craft from similar platforms is a proprietary data intelligence platform that works by ingesting information from internal customer systems and outside sources. This allows it to generate risk and opportunity insights that are made available to users through a cloud-hosted and simple interface.
While other business intelligence products need customers to bring their own data, Craft states that it supplies its own deeply comprehensive data from various sources, surfacing significant insights on suppliers that would otherwise be difficult to obtain by themselves. It produces a 360-degree view of the target providers and continuously updated 500 different data kinds using machine learning and human validation. In the previous year, there was deepened integration with supplier data to fuel newer and advanced capabilities within Craft N-Tier Mapping, Craft Risk Hub, and Craft Alerts features. The company lists increased environmental, social, government, cybersecurity, legal compliance, and political issues. It also focuses on the extra reliability and intelligence in every tier of the enterprise supply network. Also, it has not been a long time since COVID-19 started to disappear; thus, companies are looking to predict and mitigate potential supply chain issues proactively to avoid future disruptions. The company said that many customers use Craft to embed continuous monitoring of suppliers in their routine activities.
It is clear how Craft made a revenue of 100% by 2022 off an undisclosed base, bringing new clients from Fortune 500, with expanded deals that include its existing customers.
Jamie McGurk, General Partner of BAM Elevate, said, “Enterprises are dealing with increasingly complex, dynamic, and fragmented global supply chains, and Craft’s depth and breadth of insight enables customers to mitigate risk and gain control.”
The raised funds will strengthen the go-to-market strategy in key verticals and work on research and development efforts to expand the platform’s capabilities.
Ilya Levtov, founder and CEO of Craft, said, “Global enterprises using new data sources, models and methodologies to increase resilience and productivity is a megatrend that continues to accelerate. In today’s volatile and unpredictable macroeconomic environment, the need for advanced visibility and proactive risk management across a wide range of dimensions has never been greater.”