Specright Raises $30 Million Series B to Support Explosive Growth
Financing led by Sageview Capital, with participation from previous investors including Pritzker Venture Capital Group; Proceeds will empower market leader to continue rapid growth and meet significant demand for Specification Management software
TUSTIN, Calif., July 13, 2021 /PRNewswire/ -- Specright, Inc., the pioneer of Specification Management software, which enables companies to manage and share supply chain data across suppliers, manufacturers, and retailers, today announced a $30 million Series B round of funding to support continued growth.
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," said 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 recognized 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.
How it Works:
- Specright's platform enables companies across a wide variety of industries to digitize specification data that typically lives in spreadsheets or PDFs, such as raw material, ingredients, formulas, packaging, product, and machinery specifications.
- The company's patented many-to-many data framework enables SKU consolidation and visibility into the relationships of different specifications across an organization.
- Once specifications are digitized in the Specright platform, customers can easily share specs with colleagues, suppliers, and other critical partners like retailers or co-manufacturers.
- The ability to share data on the Specright Network ensures stakeholders are on the same page and that changes are communicated seamlessly across an organization's supply chain.
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," said 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," said Higbee. "In retrospect, it was a no-brainer from an ROI standpoint – it's helped us realize meaningful cost savings and accelerate our time to market."
About Specright
Specright is the first cloud-based platform for Specification Management. Whether it's packaging, raw materials, formulas, products, or machines, Specright helps companies manage data to increase speed to market, reduce costs, and better collaborate with suppliers and partners across their supply chain. For more information, visit: www.specright.com
About Sageview Capital
Sageview Capital LP is a private investment firm focused on providing growth capital and operational support to leading tech-enabled businesses. As active partners, we leverage our decades of industry experience, operational expertise, and extensive network to drive long-term value for our portfolio companies. The firm's investments include 360insights, Aceable, Brandwatch, CallRail, Carewell, Demandbase, Drivewyze, Elastic Path, Ezoic, MetricStream, Pantheon, Pax8, NAM, Theatro, Womply, and XSELL Technologies, among others. Sageview was founded in 2006 and has deployed over $1.1 billion across 28 growth capital investments. The firm has offices in Greenwich, Connecticut, and Palo Alto, California.
For media inquiries, contact:
Laura Foti
VP of Marketing at Specright
Email: [email protected]
Amanda Stewart
Director of Investor Relations and Marketing at Sageview Capital
Email: [email protected]
SOURCE Specright, Inc.
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