Sourcery, an online wholesale food supplier director and payments processor, is today announcing that it is exiting stealth and has raised $2.5 million in seed funding to expand its platform into new markets from its early operations in San Francisco.
While many kitchen managers are stuck with ordering from catalogues and paying by check, over the phone, or by fax, Sourcery makes the process closer to what the end user gets when ordering from an online delivery startup: an easy-to-search directory of what’s available in the area and their prices. When you get to the ordering part of the process, their web app handles payments with full-on analytics about your order history showing what you bought, when you ordered it, and how much you paid, all of which can be exported to QuickBooks. Sourcery also accommodates businesses that aren’t ready to digitize all of their accounting, letting customers export data as a traditional invoice.
Sourcery co-founder and CEO Na’ama Moran says that the company connects wholesale food suppliers with Palantir, Dropbox, and Airbnb, as well as restaurants such as La Mar, ‘wichcraft, and Hops & Hominy and local catering companies and juice makers. Munchery, another SF-based startup that delivers prepared meals to your home, handles all of its supply acquisition through Sourcery and relied on the service when expanding operations into Seattle. While she wasn’t able to break out specifics, she also noted to TechCrunch that Sourcery processes $25,000-$500,000 per month per customer, and takes a percentage off the top as revenue.
Looking forward, Moran says that Los Angeles, Portland, and New York City have customers signed up but not served. Sourcery plans to move into those markets starting in January of next year. Until then, the startup is working to onboard the more that 55 companies already on its waitlist.
Investors in Sourcery’s seed round include Palantir co-founder Joe Lonsdale, Yammer CTO Adam Pisoni, David Tisch and Adam Rothenberg of BoxGroup, Postini founder Shinya Akamine, and ex-CFO at Oracle Jeff Epstein.