Independent targeting of broken procurement processes – TechCrunch

Evaluating and tracking the suppliers for your business is very important and incredibly complex. Random jumped to the rescue, armed with a freshly printed $8.2 million check from investors. SaaS platforms help companies shop more strategically and better manage risk and supply chain compliance.

“The generally accepted, typical onboarding supplier questionnaire process has been fundamentally broken. Tai Alegbe, Co-founder and CEO of Contingent, said: “It’s hard to spot the risk, with companies relying on vendor self-certification and not having the time or information to verify the credentials. declare.”

The company is taking on a lot of compliance, supply chain and supplier challenges, and presents potential risks.

“The company was formed quite a long time ago. It builds on the insights I’ve gathered from previous experience, in third-party risk, supply chain, and procurement. Alegbe explains that at previous companies, there were common themes and challenges that companies were facing. “Supply chains are a particularly acute challenge facing today’s world globally. That is true for almost all companies and governments.”

The company aims to address a wide variety of business risks, with the ultimate goal of increasing resilience for the companies it works with. The Company considers risk from a supply perspective, resilience from a financial and Corporate Social Responsibility (CSR) perspective and an Environmental, Social and Governance (ESG) perspective. It also aims to introduce sustainable central stage as part of the process. In general, the company considers the actual risks that customers may face in their ability to provide products or services.

“At the heart of it, we’re building a new category. We believe supply chain and procurement as a function will fully evolve over the next 5-10 years, where companies will choose suppliers based on their value… which companies will choose to do business with. doing business with other companies that align with their values, rather than simply their capabilities and costs,” predicts Alegbe. “And as a result, we saw it as a new category that aligns with design. We see ourselves at the center of that change, and we can really help companies embrace that change.”

The round is led by Octopus Ventures, with participation from Connect Ventures, Concentric, Seedcamp, Ascension and Working Capital Innovation Fund. This brings the company’s total funding to date to $11 million, with an earlier investment led by Connect Ventures. Contingent claims its global customer base has grown more than 10 times and that its platform is being used by procurement and supply chain teams at an extensive list of companies, including Monzo, Seagate , Huel, Barratt Developments plc and the UK government.

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