Enterprise IT Startup SourceDay Raises $3.5 Million

SourceDay announced it has secured $3.5 million in seed financing. Three investors participated in the round: Draper Associates, Silverton Partners, and ATX Seed Ventures.

SourceDay is a cloud vendor portal that extends manufacturing and distribution organizations’ ERP capabilities, improving supplier on-time deliveries, increasing inventory turns, reducing supply chain errors, and optimizing the use of working capital. SourceDay extends ERP purchasing capabilities by centralizing and managing the PO lifecycle for buyers and suppliers, eliminating manual processes while improving supplier performance.

In its announcement, the company said the capital will fuel growth as the company hires product development and additional sales professionals to meet increasing demand.