supply chain Archives - SHOPPE BLACK

Published on April 18, 2024April 18, 2024

3 mins read

Diagon Raises $5.1 Million to Revolutionize Manufacturing Procurement

Diagon is a company that’s redefining the way manufacturers find and purchase equipment. They offer a next-generation procurement platform that streamlines the entire process, providing a consolidated user experience for a faster, more efficient workflow.

They recently announced that they have secured $5.1 million in seed funding in a round led by The Westly Group, with participation from Valia Ventures, Techstars, Foster Ventures, Foxe Capital, Anthemis Group, Ventures Together, and REFASHIOND Ventures: The Industrial Transformation Fund.

Tackling Manufacturing Challenges

Establishing new manufacturing capacity often comes with intricate challenges. Identifying qualified suppliers and managing complex equipment projects are two of the biggest hurdles. Diagon offers a comprehensive solution to address these issues.

The platform provides manufacturers with access to a qualified network of equipment suppliers, system integrators, and service providers. This ensures they can find the right partners for their specific needs. Additionally, Diagon offers a user-friendly toolkit specifically designed to manage complex equipment procurement projects effectively.

Empowering Manufacturers Across the Board

With Diagon’s platform, manufacturers can experience a significant shift in their procurement process. Traditionally, sourcing equipment has been a time-consuming and complex task. Diagon simplifies this by allowing manufacturers to locate and procure equipment with the ease and speed typically associated with larger enterprises.

Furthermore, the platform offers functionalities like milestone tracking, real-time project status updates, and comprehensive project management, empowering manufacturers of all sizes to navigate complex projects efficiently.

Positioned for Growth

Diagon’s leadership team possesses a deep understanding of the manufacturing industry’s needs. Co-founder and CEO, Will Drewery, formerly managed over $700 million in annual capital expenditure (CAPEX) spend at Tesla. This firsthand experience fueled the vision for Diagon’s platform, designed to address the critical shortcomings of traditional procurement tools.

The company’s strategic plan leverages the $640 billion North American manufacturing equipment market. The funding will enable Diagon to make strategic investments in its future.

This includes ongoing platform development, recruiting top talent to propel the company forward, targeting manufacturers in key industries like aerospace, automotive, and battery production, and exploring various equipment financing options to cater to a broader range of customer requirements.

Looking Ahead

Diagon is poised to become a pivotal force in American manufacturing. With its commitment to streamlining procurement and empowering companies to build the factories of the future, Diagon is a game-changer for the industry.

by Tony O. Lawson

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Published on January 10, 2023January 10, 2023

2 mins read

Ghanaian E-Logistics Platform Jetstream Raises $13 Million for Expansion

Rapid urbanization and economic growth in Africa have contributed to a rise in e-commerce activity.

Simultaneously, the lack of developed transportation infrastructure and logistics networks in many African countries poses a significant challenge for businesses attempting to move goods across the continent.

This creates a significant market opportunity for e-logistics platforms that can assist businesses in overcoming logistical challenges.

Ghanaian e-logistics platform, Jetstream was founded in 2018 by Miishe Addy and Solomon Torgbor with the goal of giving African businesses greater visibility and control over their global supply chains.

Following a successful $3 million seed round, the company announced today that it has raised $13 million in a Series A round of funding.

Initially, Jetstream provided two services: logistics for cargo owners handling imports and exports, and financing for freight forwarders. Recently, however, they have consolidated these two services into a single one, focusing exclusively on cargo owners. According to CEO Miishe Addy, the pivot helped Jetstream in achieving product-market fit.

Since adopting this new strategy, Jetstream has experienced significant growth. The company estimates that its trade finance product has disbursed approximately $9 million in loans to date, up from $1 million at the middle of 2021. By the end of 2023, it intends to increase this by five times.

Additionally, in the past year, the company’s revenue has grown by 48% and its active customer base by 102%. Currently, 47% of the freight handled by Jetstream is transported via air, 44% via ocean, and 9% via ground.

Twelve of the 29 countries where the company currently operates are in Africa. The funds will be used to support Jetstream’s expansion into new countries and its ongoing technological platform development.

by Tony O. Lawson

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Published on November 29, 2022December 28, 2022

3 mins read

Black Owned Supply Chain Logistics Company, Saltbox Raises $35 Million

Saltbox is a co-warehousing and logistics startup that provides space for small businesses and e-commerce merchants to operate as well as store and ship goods, all under one roof.

Today, the Atlanta-based company announced a $35 million Series B funding round.

saltbox

The investment was co-led by Cox Exterprises Inc and Pendulum, a strategic growth investing and advisory platform designed for founders and leaders of color and previous investor in Saltbox.

This Series B round brings Saltbox’s total funding to $56 million. The round also included investment from Playground Global, XYZ Capital, Fundrise, Kapor Capital, Wilshire Lane Capital, Colliers, Lincoln Property Company, Flexport and Overline among others.

Funding will support developing Saltbox’s core technology stack powering its end-to-end logistics platform for small and growing ecommerce businesses.

“Supporting small-and medium-sized businesses as they navigate the challenges of their entire logistics stack, from warehousing, to shipping and more has been our main goal since day one. The next step for Saltbox is to advance our logistics and fulfillment technology while also continuing to expand our physical, human-centric spaces for members,” said Saltbox CEO and Co-Founder Tyler Scriven.

Tyler Scriven

In 2022, Saltbox more than doubled its growth, expanding its flexible warehouse network to ten locations, including new co-warehousing locations in Alexandria, Virginia; Duarte, California; Carrollton, Texas; Arden Hills, Minnesota; and a second location in Atlanta’s Upper Westside neighborhood to support its flagship facility.

The company also opened its first-ever fulfillment hub in Dublin, Ohio – a strategic location in the Columbus, Ohio market that allows members to reach 67% of the total U.S. population via 2-day shipping.

This momentum follows a successful 2021, in which Saltbox expanded its footprint into the Los Angeles area in Torrance, as well as Denver, Dallas-Fort Worth, and Seattle. It also launched fulfillment offerings tailored to SMBs. Saltbox closed its Series A round of $10.6 million in March 2021.

Later this year, Saltbox plans to open locations in two new cities: Tempe, Arizona and Doral, Florida, with additional plans to open a second Florida location early next year in Tampa, Florida.

Of Saltbox’s more than 500 members across its ten co-warehousing locations, more than 70 percent are ecommerce companies that sell physical goods directly to consumers.

These SMBs span numerous industries including fashion and apparel, health and beauty, home goods, resale, and tech in the hardware and services sectors. Half of Saltbox member businesses are led by women or people of color.

Tony O. Lawson