Nulogy Raises $7.5 Million in Financing to Fuel Growth & Innovation
Supply chain SaaS company attracts top investors to further extend its market leadership
TORONTO, CANADA – October 8, 2014: Supply chain enterprise software company, Nulogy, has raised $7.5 million in growth financing led by Red Sky Capital Management, a fund backed by CI Investments, one of the largest asset funds, with over $100 billion in assets under management. This second-round of institutional financing includes participation from Silicon Valley Bank and existing investors, and rounds out a record year of growth for Nulogy.
“With CPG brands increasingly outsourcing their packaging and manufacturing requirements, information does not flow interconnectedly to and from their outsourced contract packagers,” stated Nulogy CEO, Jason Tham. “Furthermore, the vast majority of co-packers are not enabled with workflow automation and real-time information of their production, quality and operational activities. Nulogy is working to change this by building a unique solution that connects brands and their co-packing and co-manufacturing suppliers so they can work alongside each other in an interconnected and collaborative way. Our solutions reduce costs and increase quality for our customers, and this allows us to push the envelope on our product and services by hiring more talented people. We are excited to partner with a large institutional fund that takes a long-term stance in building lasting companies.”
“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.”
“The journey we’re on redefines what’s possible in the world of consumer packaged goods, particularly in an increasingly consumer-driven marketplace,” said Tham. “We’re showing the market what can happen if you dream big about technology, the cloud and software, the way we do.”
According to Gartner, the market for supply-chain management software is on course to reach $10 billion in 2014 and growing at double digits. “The market for supply chain technologies is buoyant,” said Chad Eschinger, research vice president at Gartner. “This environment will drive many organizations to adopt solutions that are deemed ‘best of breed’ and often delivered as a subscription, which provides more focused capabilities and typically enables less expensive and quicker deployments.” Nulogy was selected by Gartner as one of five companies named in their “Cool Vendors in Supply Chain Services, 2014” report.
Nulogy is the pioneer and leading provider of contract packaging software systems globally. Nulogy has won industry and technology awards for its innovative use of technology to automate processes, improve responsiveness, and increase competitiveness for its clients. The company’s cloud-based solutions have reduced costs, enhanced customer service, improved compliance and quality, and raised revenues in the supply chains of Fortune 100 brands around the world. Every day, millions of dollars of consumer products are processed by Nulogy’s software across a broad range of market segments including food, beverage, consumer goods, pharmaceutical, high-tech, and hard goods.