Commerce and Payments Platform Sourcery Completes $5M Venture Funding Round
Sourcery, a digital payments and commerce platform focusing on the $300 billion-plus in accounts payable within the food and hospitality industry, announced the completion of a $5M venture round. This brings the company’s total funding to $7.5M.
Sourcery’s SaaS platform provides a seamless interface for digital invoicing and payments, including an advanced dashboard for real-time spend monitoring and cash flow management. Serving businesses from local restaurants to multi-location chains and corporate kitchens at companies like Dropbox, Airbnb, and Thumbtack, Sourcery will process more than $100 million this year.
Led by Marker LLC with Steadfast Capital and existing investors, the new funding will be used to expand the company’s core digital invoice and payments processing technologies, adding accounts receivable capabilities for vendors who receive payments through the platform. In addition, the funds will enable the company to build enterprise-level features designed to support large chain restaurants and retailers.
Says Sourcery founder/CEO Na’ama Moran, “While the food and hospitality industry is one of the nation’s largest, there is still opportunity to provide greater efficiency through technology. Ultimately, it’s our goal to help our customers streamline payments and invoicing and derive insights about pricing and supply so they can focus on growing their businesses and not on doing administrative tasks.”
Sourcery was co-founded in 2012 by Moran with Peretz Partensky, a PhD in Biophysics from University of California, San Francisco.