Supply Chain Software Startup Inspectorio Raises $10M from Target, Ecolab, Other Investors
Inspectorio, a software-as-a-service company geared toward product and supply chain quality control, just completed a $10 million Series A fundraising campaign. The Minneapolis-based startup drew investment from Techstars, Ecolab, Target, and more.
The new capital will be used to advance Inspectorio’s work in creating autonomous systems for quality and compliance monitoring through which vendors, brands and retailers can better collaborate.
“We are committed to continue consolidating Inspectorio’s position as the world’s leading platform for quality control and compliance monitoring, while generating a positive impact on the global supply chain,” said Carlos Moncayo Castillo, Inspectorio co-founder and CEO, in a statement. “This investment will accelerate the growth and development of our platform. We need to move from slow and isolated supply chains to smart supply networks able to bring quality and compliance to a different level.”
Inspectorio was a member of the first class of businesses in 2016 to participate in an accelerator program in Minneapolis hosted by Target and run by Colorado-based Techstars.
The program involved a $100,000 investment and a 90-day mentoring session, which, for the Minneapolis edition in particular, was focused on retail and conducted in partnership with Target.
“[The Moncayo brothers are] the type of entrepreneurs I dream of working with,” said Mark Solon, managing partner at Techstars, in reference of Inspectoro’s leadership team. “They lead by example, aren’t afraid to do the hard work themselves, are maniacally focused on their customer’s experience, and are obsessed with solving a big problem – helping to bring 100 percent transparency and accountability to the retail industry’s supply chains. They embody the same give-first values we cherish at Techstars, and we’re thrilled to be involved.”
Like Techstars, Target also renewed its interest in Inspectoro, contributing to the $10 million investment, making it one of two Minnesota Fortune 500 companies to invest. The second was Ecolab, the St. Paul-based global provider of water, hygiene and energy technologies and services. Minneapolis-based tech venture firm Matchstick Ventures also partook in the round.
To fuel its growth, Inspectorio is opening another office in Europe this month. Beyond the U.S., the company is also operating within Vietnam, China and Belarus.