supply chain company Waybridge

New York-based Waybridge, a startup that aims to reduce supply chain inefficiencies, raised US$ 30 million in a Series B funding round on 14 May 2021.

Investors: The new funding round was co-led by Rucker Park Capital and Craft Ventures, with participation from Venrock. Waybridge has raised a total of US$ 40 million to date.

About Waybridge

Waybridge

Founded in 2019 by Andrea Aranguren, Andrew Sweeney, Brian O’Kelley and Scott Evans, Waybridge is helping to digitize the supply chain for its customers. It offers a suite of digital tools targeting the fundamental inefficiencies in the raw materials supply chain. Waybridge combines the financial, logistical and technological supply chain into a single transactional platform that can answer the most important questions for everyone in the supply chain industry.

Through the platform, companies can buy and sell raw materials, while offering visibility into their inventory. Clients can also track shipments, make changes and automate all the manual processes that usually slow down the process.

Waybridge launched with 30 employees in April, helping the client with receiving, tracking and buying refined copper. It will be concentrating on the industrial metals category as it onboards shippers and gathers the necessary data in order to spot potential pitfalls in the supply chain.

The co-founder of the company, Brian O’Kelley believes that navigating supply chain disruptions makes the new venture challenging and rewarding. He aims to provide better visibility and management in this field through technology.

What the CEO has to say: “I like the traction the company is seeing but it likely will take longer to build a company in the supply chain space. However, I see wide open space to grow, with competition being mainly industry-specific solutions and some investments made by SAP. I wanted something that was going to have a real impact on the world and had really hard, complex problems.” – Brian O’Kelley, co-founder of Waybridge.

What the investors have to say: “Waybridge has solved a massive problem for commodity trading companies who lack visibility into their supply chains. Traders still use physical pieces of paper, Excel and sometimes even whiteboards to track the movement of billions of dollars worth of commodities.” — Bryan Rosenblatt, partner at Craft Ventures.

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Komal writes about the startup ecosystem on VCBay. She is an Economics Hons. graduate from Miranda House, Delhi University, and is passionate about the world of entrepreneurship and finance.

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