Specright 30m Series , the pioneer of Specification Management software, which enables companies to manage and share supply chain data across suppliers, manufacturers, and retailers, 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 enabled the company to double its headcount by early 2022 and expand operations globally as the leader in Specification Management software.
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 30m Series 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.
This intelligence extends to quality, enabling users to prevent certain specifications from being linked to products due to regulatory incompatibility. Users can easily consolidate SKUs and unlock tremendous savings with Specright 30m Series recommendations engine that analyzes specifications and substitutes to reduce costs or make products and packaging more sustainable.
How it works
Specright 30m Series platform enables companies across various 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 Specright 30m Series will join the company’s board and has seen the need for new supply chain solutions firsthand. Before founding Sageview, Mr Stuart spent 20 years at the private equity firm KKR, where he oversaw investments across industries, focusing 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.”
Accelerate Speed-to-Market: Bring products to market faster than ever by leveraging existing specifications or products. With spec-level data, companies can perform pricing simulations on product ideas to greenlight the most profitable products.
–Optimize Packaging: Leverage or clone existing packaging specs, sub-assemblies, and bills of materials and understand how packaging components are interconnected.
-Take a Proactive Approach to Quality & Risk Management: Take quality to the next level by associating quality issues to specs for visibility and traceability. Quickly initiate SCARs and other quality records, instantly access and share the latest spec across facilities or with co-mans, copackers, and suppliers.
-Better Collaborate with Suppliers: Easily share and access specifications with suppliers and include suppliers in critical approval and notification workflows.
-Drive Smart Procurement: Accelerate bidding time by quickly searching and selecting specifications. Ensure bid accuracy and purchase fewer specs in higher volumes for savings with Specright 30m Series recommendations engine.
-Report on Sustainability Efforts: The DNA-level data in Specright’s platform creates a foundation to measure, analyze and take action on sustainability goals.
-Create Digital Asset Maps: By digitizing and linking machinery, product lines, and facility specifications, companies can create a digital asset map of their production facilities and gain visibility into how those lines operate and what they produce.
Specright 30m Series Credits
In 2020, the leading technology research firm Gartner named Specright 30m Series a Cool Vendor in Supply.
Chain, highlighting the gap that exists in digital supply chain initiatives. In 2021, 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 educate students on 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 nobrainer from an ROI standpoint – it’s helped us realize meaningful cost savings and accelerate our time to market.”
Specright 30m Series About spectright
Spectright is the first purpose-built platform for Specification Data Management. Specifications include packaging, raw materials, BOMs, quality documents, and even machines. Specright enables companies to share specifications across the supply chain, creating traceability and visibility and enabling end-to-end collaboration with suppliers, retailers, and manufacturers. Internally, teams use the data in Specright 30m Series to rationalize SKUs, report on sustainability, ensure compliance, and reduce costs.
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, they leverage their decades of industry experience, operational expertise, and extensive network to drive long-term value for their 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.
Specright 30m Series Conclusion
Specright 30m Series helps companies digitally map their supply chain to help finance expansion to meet surging demand.
It aims to accelerate hiring over the next year and extend its reach internationally with the new capital.