June 9, 2023, San Francisco – Supply Change Capital, the online marketplace that links food brands and contract manufacturers (co-mans), revealed that it had led a USD 4 million round of funding for PartnerSlate. The USD 200 billion food and beverage contract manufacturing market will be digitalized more quickly thanks to the money.
The largest and most accurate database in North America, PartnerSlate matches CPG companies that list in the market to approximately 6,000 co-mans. Co-mans can use the marketplace to search for projects whose criteria match their particular tools, skills, risk tolerance, and capacity. In 2023, PartnerSlate has already checked co-mans with food and beverage ventures valued over $1 billion.
According to Vince Tseng, Co-Founder and CEO of PartnerSlate, finding the ideal co-man for a brand can be done in a matter of days rather than months. “Data science replaces cold calling in our strategy, saving both parties hundreds of hours of chasing down the wrong leads and coming up empty-handed.” Before joining PartnerSlate, Tseng employed a similar strategy while Chief Services Officer at SquareTrade, which Allstate acquired in 2017 for $1.4 billion. Tseng used this platform to match repair vendors.
The $1 trillion-plus US food consumer packaged goods (CPG) sector has seen significant development in the past ten years. According to Nielsen IQ, almost 30,000 new CPG goods debut yearly in the US. Each month, hundreds of these products are posted on the PartnerSlate marketplace.
Snacking, plant-based diets, and the thirst for international flavors are trends that will not go away. Still, innovations in retail and direct-to-consumer distribution have made it easier for new goods to enter the market. However, finding the ideal manufacturing partner can take a year or more, delaying the release of new items.
Shayna Harris, Managing Partner of Supply Change Capital and member of the PartnerSlate board expressed her excitement about heading the round for PartnerSlate. Finding the ideal manufacturing partner is a problem for both established brands and emerging CPG companies trying to adjust to shifting customer preferences. The leadership team at PartnerSlate has the necessary expertise in both software development and food manufacturing to create the platform that the market so sorely needs.
PartnerSlate intends to invest in sales and marketing and develop its project management capabilities to assist projects in moving through production more quickly.
Since our beta debut four months ago, we’ve witnessed a 3x surge in projects, according to co-founder and chief business officer Matt Suggs. “Startups love that we can find partners of the right size, Fortune 500 brands value the depth and speed of our network, and co-mans value that we are a one-stop shop to streamline business development,” says Coman.
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