Specright, a specialist in specification Management software, which enables companies to manage and share supply chain data across suppliers, manufacturers, and retailers, has secured USD30 million in a Series B round of funding.
Led by Sageview Capital, with participation from VMG Catalyst and previous investors Pritzker Venture Capital Group, Okapi Venture Capital, Fika Ventures, and Mucker Capital, the round of funding will enable the company to double its headcount by early 2022 and expand operations globally as the leader in Specification Management software.
“Specification Management is at an inflection point,” says Matthew Wright, Specright’s founder and CEO. “During the height of the Covid-19 pandemic, many supply chain executives realized they didn’t have control over the data they needed to build resilient supply chains or meet the demands of modern consumers. Specright provides value enhancing solutions to these challenges, which benefit many businesses, including Fortune 500 companies and consumers alike.”
Wright recognised the critical need for Specification Management six years ago, after spending 20 years in the packaging industry and grappling with these problems firsthand. In recent years, the market has grown as companies across industry sectors became acutely aware of the gaps in existing products and solutions.
Scott Stuart, Managing Partner and Co-Founder of Sageview, will join the company’s board and has seen the need for new supply chain solutions firsthand. Prior to founding Sageview, Mr. Stuart spent 20 years at the private equity firm KKR, where he oversaw investments across industries, with a particular focus on consumer products.
“At Sageview, we look to partner with companies that are category creators and true disruptors,” says Stuart. “It’s clear that Specification Management is the future of manufacturing and that Specright will continue to be at the forefront of innovation in this space.”
In 2020, the leading technology research firm Gartner named Specright a Cool Vendor in Supply Chain, highlighting the gap that exists in digital supply chain initiatives. This year, Gartner published a Market Guide around Product & Packaging Specification Management. Leading packaging programs such as Michigan State University, Wisconsin-Stout, Rutgers, and Cal-Poly San Luis Obispo are educating students on the importance of managing specifications using Specright’s software.
Jason Higbee, General Manager at Grimmway Farms and Specright’s first customer, has been part of the journey from day one. “When Matthew first came to me with the idea for a templated approach to managing specs, I knew it would be a game changer,” says Higbee. “In retrospect, it was a no-brainer from an ROI standpoint – it’s helped us realise meaningful cost savings and accelerate our time to market.”