HICX, a supplier experience management platform designed to give companies visibility into their supply chain, has raised $30 million in a funding round led by US private equity firm Wavecrest Growth Partners and the Canadian company Espresso Capital. The financing was a mix of $22 million in equity and $8 million in debt.
Founded in 2004, London-based HICX offers a low-code, SaaS-based platform that gives businesses a single channel for onboarding new vendors, packed with tools to capture all the information that different departments and systems a business needs. It also includes integrations with enterprise resource planning (ERP), buy-to-pay (P2P) and supply chain management (SCM) systems, and helps ensure that all stakeholders are working from the same information.
HICX also includes a set of dedicated compliance management tools that ensure suppliers meet all of a company’s tax, trade, business, diversity or sustainability stipulations.
Today’s announcement represents HICX’s first substantial external funding in its 18-year history, with a spokesperson telling TechCrunch that it was fully seeded from its inception until 2018, when at which he received a small investment “from friends and family” amounting to approximately $1 million. He’s also amassed quite an impressive list of clients, including Unilever, Lenovo and BAE Systems.
Companies in all industry sectors often have to demonstrate—to their board of directors or regulators, for example—that they are in compliance with company policies and all laws in the country. While it is easy enough to provide internally generated data to demonstrate compliance, the more suppliers a company has, the more difficult it is to show that a company adheres to a strict sourcing regime that takes compliance into account. from the outside, all along the supply chain.
For example, a bank may want to demonstrate that it only invests in climate-friendly companies, or a global consumer brand may want to show that it only does business with net-zero carbon suppliers. So-called “Scope 3 emissions” – emissions in a company’s supply chain that it does not directly control – are difficult to track. And sustainable supplier sourcing isn’t just about tracking carbon emissions, it’s about how products are made and delivered, what the life cycle is, and more.
Add to that the dozens or hundreds of suppliers a company may have in its supply chain, and you can begin to get a sense of how difficult it is to get a full picture of what’s going on. And that’s essentially where HICX enters the fray, with a platform that serves as the single source of truth for supplier data.
But it’s worth noting that supplier management tools like HICX aren’t just about empowering companies with data and insights into their supply chain, they’re also designed to ensure that suppliers enjoy working with a company. by making their lives easier with a more modern, user-friendly platform.
“At the most basic level, companies deliver value to customers through the combined efforts of their internal teams and their suppliers,” HICX CEO and co-founder Costas Xyloyiannis said in a statement. “Companies often underinvest in the vendor experience, making it easy for vendors to deliver their best work. However, we have seen a significant shift recently, and many top global brands are investing in technology to address this issue and become the “customer of choice” for as many of their suppliers as possible. »