Toronto supply chain SaaS company Nulogy Corporation has raised $7.5 million in a round led by Red Sky Capital Management, backed by CI Investment, which manages over $100 million in assets. Silicon Valley Bank, in coordination with existing investors, also contributed.
“The journey we’re on redefines what’s possible in the world of consumer packaged goods, particularly in an increasingly consumer-driven marketplace,” said Nulogy CEO Jason Tham. “We’re showing the market what can happen if you dream big about technology, the cloud and software, the way we do.”
The funding, according to Tham, allows Nulogy, which was founded by a team of University of Waterloo students, “to partner with a large institutional fund that takes a long-term stance in building lasting companies.”
Research firm Gartner named Nulogy among its five “Cool Vendors in Supply Chain Services 2014”, and estimates the potential revenues for supply chain management software at $10 billion in 2014.
Among the obstacles that Gartner said stood in the way of supply chain professionals was the need for a shift to a single underlying technology platform to improve communication and improve transparency among disparate company practices.
Another obstacle waiting to improve is the fact that most companies currently use on-premise applications to manage their supply chains. This is set to change as cloud solutions improve and become more widely adopted over time.
“Over the past decade, Nulogy has been redefining the way co-manufacturers and co-packagers are leveraging cloud technologies and data analytics to improve the way consumer products are brought to market,” stated Timothy Lazaris, CEO of Red Sky Capital Management. “Nulogy already counts many of the world’s largest supply chain and consumer brands companies as satisfied customers. With more money in the bank, Nulogy can invest further R&D into its products and services to best serve customers and scale up its global expansion. Nulogy’s vision for the future is tremendous, and with the funding, we look to extend Nulogy’s market leadership and fast-track the innovations being brought to their customers.”
Nulogy’s software helps process a wide range of consumer goods across a wide range of verticals, including consumer goods, food & beverages, pharmaceuticals and high-tech merchandise.