SupplySolution Secures $20 Million in Financing
5 September 2000
SupplySolution Secures $20 Million in FinancingDLJ's Sprout Group Leads Second Round of Funding SOUTHFIELD, Mich., Sept. 5 SupplySolution, providers of i-Supply(TM) Service, an Internet B2B service that provides real-time collaborative inventory management for the automotive supply chain, has announced that the company has raised $20,125,000 million in financing in its second round of funding. This second series investment was led by The Sprout Group, the venture capital affiliate of Donaldson, Lufkin & Jenrette (DLJ), and included several first round investors, most notably Enterprise Partners and Sigma Partners, bringing the total amount invested in SupplySolution to more than $27 million to date. "This significant investment enables SupplySolution to continue to develop our existing and future product and service offerings, expand our existing sales and service areas and support company growth," said Stephen Bell, SupplySolution president and CEO. "We feel that The Sprout Group's support is a testament to our business model and market potential." SupplySolution's i-Supply(TM) Service provides a streamlined method of Collaborative Inventory Management, as well as EDI services via the Internet. The i-Supply(TM) Service provides real-time online collaboration for fulfillment of direct materials, combined with traditional EDI and XML messaging capabilities. "i-Supply has revolutionized buyer-supplier interactions in the automotive industry. Its real-time communication capabilities have in essence created a simpler, more efficient solution to supply chain collaboration," said Rakesh Sood, General Partner at The Sprout Group. "As SupplySolution continues to develop more innovative products and services, we are pleased to invest in the future of this company." "This investment will enable SupplySolution to build and deliver an increasing range of Internet supply-chain services for its customers," Bell commented. "Our goal is to offer our subscribers a full range of supply-chain services that enable them to effectively collaborate with their trading partners from design through production. This additional funding provides us with the capital to do so."