Waybridge Raises $30MM to Make Physical Commodities Supply Chains More Efficient and Resilient
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From the Suez Canal Catastrophe to COVID-19 to Climate Change, Waybridge reduces risk and strengthens sustainability of global supply chains
NEW YORK--(BUSINESS WIRE)-- Waybridge, the supply chain platform for raw materials, today announced it raised $30 million in Series B funding co-led by Rucker Park Capital and Craft Ventures, with participation from Venrock. Waybridge solves fundamental inefficiencies in the supply chain, enabling clients to buy and sell commodities with less friction, have real-time visibility into their inventory, track shipments, and save time and money by turning many offline manual processes into automated digital processes. The new funding brings the company’s total funds raised to $40M.
“The power of Waybridge is that we combine the financial, the logistical, and the technological into a single transactional platform that provides valuable insight for everyone in the supply chain,” said Brian O’Kelley, co-founder and CEO of Waybridge. “Our platform gives customers visibility into every aspect of the supply chain, answering questions such as where their shipments are, how much inventory they have on hand every day, and much more. We help companies optimize operations and prepare for the unexpected.”
Disruptions from events like the Suez Canal traffic jam, COVID-19, and the ongoing impact of global climate change have accelerated the need for digital transformation in the physical commodities supply chain. Using Waybridge’s technology platform helps companies:
- Navigate these events and mitigate their potential consequences by having a sophisticated view of their commodity shipments and inventory position.
- Quickly make adjustments to their plans, find new sources to buy and sell from, and make intelligent decisions in real-time in order to continue operations.
- Reduce time and resources spent on maintaining manual processes.
- Anticipate potential issues early on to strengthen their positions.
“Trillions of dollars in commodities flow through a supply chain that remains burdened by manual processes,” said Marissa Campise, General Partner, Rucker Park Capital. “We strongly believe in the Waybridge mission to streamline the supply chain and the positive impact it can have on the global economy.”
Waybridge’s suite of digital tools also helps companies manage purchases and drive significant savings by streamlining the supply chain. The platform increases transparency and can optimize processes from logistics to operations. Clients are using the platform to track incoming truck and rail shipments, handle complex scheduling challenges, and receive material at their plants and warehouses. They have been able to reassign employees, who were previously spending their whole day manually processing physical documents, to more valuable tasks that drive company savings and value.
This funding will accelerate platform development to enable Waybridge to tackle other challenges like trade finance, traceability, and sustainability, while expanding the types of industries it serves beyond non-ferrous metals consumers and suppliers. As users manage their raw materials sourcing and selling end-to-end through the platform, Waybridge is able to provide unprecedented clarity on the provenance of the commodities they handle and how that impacts their ESG criteria.
“A digital view of critical operations has become more necessary as companies look to gain real-time insight to optimize their supply chains and mitigate potential consequences from unexpected events,” said Bryan Rosenblatt, Partner at Craft Ventures. “Waybridge’s founding team has filled a major gap by applying technology to transform previously-manual processes, future-proofing trillions in valuable assets.”
Waybridge (formerly CMDTY) creates tools that connect and optimize the entire global raw materials supply chain. Companies use Waybridge to buy, sell, transport and finance without the friction. Waybridge blends the expertise and vision of founders Brian O'Kelley, Andrea Aranguren, Scott Evans and Andrew Sweeney to create an innovative platform that makes the exchange of raw materials smarter, faster and better. Learn more at Waybridge.com.
Dotted Line Communications
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