The importance of a smooth-flowing supply chain has never been more clear. Managing intricate supply chains can be difficult for manufacturers.
Assent Compliance is a Canadian company. Andrew Waitman, CEO of Assent, says the company aims to help manufacturers make smarter decisions regarding who they do business with and how their products aresourced.
The company has raised $350 million at a valuation of more than $1 billion in a funding round. The Series C raise led by Warburg Pincus remains the company's largest shareholder.
In the first five years of its existence, Assent was in need of money. After Waitman came on as CEO, the company raised over $500 million and grew its workforce from 20 to over 800. Half a billion dollars raised in the US is not uncommon, but it is more rare in the Canadian tech scene.
Waitman believes that Assent will cross $100 million in annual recurring revenue this year after growing ARR by over 50% in the past year. Its customers include GE Appliances, Polaris, and others.
Environmental, Social and (Corporate) Governance is one of the solutions delivered by the company. Assent has a reputation for being focused on complex manufacturing. It has been able to build what it claims is the industry's largest network of supplier intelligence by doubling down on that niche. It helps complex manufacturers identify and manage risk, accelerate market access and growth, and promote brand reputation.
The compliance platform from Assent gives teams centralized access to supply chain data. Its customers can stay ahead of their data requirements by using the configurable reporting that it provides.
Waitman said that the increasing complexity and scale of regulations and varying requirements globally, combined with a heightened focus on ESG, presents challenges for companies across industries. Ensuring products are made with environmental and human rights standards necessary to compete and win in markets of the future is one of the things thatsent enables.
Canada has a booming startup market with hot global VC investment.
The company plans to use its new capital mostly to continue expanding in Europe, eventually enter the Asian market and grow its workforce by 40% across its sales, services, engineering, customer success and marketing teams.
Waitman said that manufacturing is 20% of GDP. It is an enormous market.
The investment was led by the Foundation Fund, which invests in middle-market companies that want to scale and accelerate their growth trajectory. The managing director of the Foundation Fund and co-head of the Vista Foundation Fund will join the board of directors.
Companies are facing increased demand to ensure they source their components and raw materials in an ethical and responsible manner, either from government regulators who oversee them or from customers and partners whose expectations hold them to higher standards. When it comes to solving enterprise supply chain challenges through technology, Assent is ahead of the curve.
Companies can mitigate their brand and reputation risk with Assent's solution. The scrutiny on complex manufacturers in how they manage their supply chains is only increasing. Assent is poised to be a clear leader in a future focused on manufacturers adopting supply chain best practices.
