SupplyWorks Taps V.C. Cash
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SupplyWorks, a Bedford, Mass., a maker of Web-based software for the manufacturing industry, has raised $19.2 million in financing for sales, marketing and product development.
The round was led by new investor Longworth Venture Partners. Also participating were North Bridge Venture Partners and Atlas Venture, and Spinner Global Technology Fund. In all, SupplyWorks has raised $26 million.
"SupplyWorks was the first to recognize the intersection of Internet-based direct materials procurement with supply chain management," said Rich D'Amore, general partner at North Bridge Venture Partners. "With their head start, they are in a strong position to lead the (supplier relationship management) market."
The company's flagship product, SupplyWorks MAX allows manufacturers to collaborate with their suppliers, reduce cycle times and cut costs. The software was recently chosen by The 21st Supplier, an Ingersoll-Rand business unit providing outsourced services to manufacturers.
"Companies that invest wisely to improve supply chain performance through customer and supply chain management initiatives will benefit and gain competitive advantage," said Tony Friscia, president and CEO, AMR Research. "The best companies know this and they will continue to invest accordingly."
SupplyWorks was founded in 1996 and is privately held. Herrmann joined the company in 1999 as president and CEO. Since then, SupplyWorks has recruited a senior management team and successfully raised capital.