LONDON, 11 JULY 2019: Shopping sustainably is a minefield for Brits. While the appetite is growing for ethically manufactured goods, shoppers frequently find parts of the retail industry are lagging or unclear. Thankfully this is set to change with the announcement of a £1.5m seed fund deal between venture capital investor, Episode 1, and SupplyCompass, a design-to-delivery sourcing platform.
SupplyCompass provides an efficient, sustainable solution for global supply chains delivering products for fashion and interiors brands. SupplyCompass uniquely combines its strong supply chain partnerships with cloud-based platform technology and a team of production experts to make sustainable sourcing easy, fast and efficient – for both brands and factories.
Based in London and Mumbai, SupplyCompass is the first UK-based sourcing company to receive funding of this level. SupplyCompass is on a mission to transform global supply chains into faster, more efficient and more sustainable outfits, meaning the investment is a huge leap forward in supply chain innovation and sustainably manufactured goods for consumers – across the globe.
The investment from Episode 1 – alongside Mumbai and London-based Unicorn Ascension, Ascension Ventures and Andy Chung and Philipp Moehring from AngelList – will enable SupplyCompass to develop its technology and expand its curated marketplace of best-in-class international manufacturers. Particular emphasis will be placed on the earlier stages of the sourcing process where greater opportunities lie for establishing sustainable practices, including manufacturer matching, design development and sampling.
For UK consumers this investor deal means one step closer to more sustainably made products on the market – that are still affordable. SupplyCompass works with manufacturers and brands to use sustainable materials, reduce waste and execute efficient processes that keep supply chain costs down, meaning the sustainably-made end product doesn’t have to be vastly more expensive.
Gus Bartholomew, SupplyCompass CEO & Co-Founder, explains: “Current sourcing methods aren’t fit for brands of the future; they’re offline, inefficient and fragmented. Technology is needed for global supply chains to progress and become faster, more efficient and more sustainable. At
SupplyCompass we see the key to success lying in rethinking existing sourcing methods, with better collaboration, innovation and technology at the core. Our vision is to help fashion and interior brands make products that don’t have to cost the earth, and this funding from investors Episode 1
will help us to do just that.”
Adrian Lloyd, Episode 1 Partner, continues: “The SupplyCompass team is exceptionally knowledgeable about the fashion supply chain and all evidence suggests they are execution machines. We are extremely excited to fund their growth and technology development which we believe will help them develop into a very large and famous company whilst increasing the sustainability of a currently unsustainable industry.”
Episode 1 is an early-stage venture capital investor that manages a £60m Enterprise Capital Fund, investing between £250k and £1m into high potential software-based businesses with significant operations in the UK.
Co-founders Gus Bartholomew and Flora Davidson met at university and spent two years living and working in India to build the foundations of SupplyCompass. Following its launch in early 2018, SupplyCompass now has 50 well-established, progressive factory partners in India (plus Sri Lanka and Nepal) and mainland Europe (including Portugal, Spain, Italy). Fashion and interiors companies are matched with a manufacturer within one day for free, with pricing based on a commission structure depending on the order value and manufacturing costs.
For more information on SupplyCompass please visit www.supplycompass.com or contact PR Manager Roxane Nichols on [email protected] | +447778 234 751.