Evaluating and monitoring your company’s suppliers is important and incredibly difficult. The contingent comes to the rescue armed with a freshly printed $8.2 million check from investors. The SaaS platform helps companies shop more strategically and better manage supply chain risk and compliance.
“It is generally accepted that the usual process of questioning onboard suppliers is fundamentally disrupted. A significant amount of buyers’ and sellers’ time and resources are spent collecting information from suppliers, much of which is rarely read,” said Tai Elegbe, co-founder and CEO of Contingent. “Risk recognition is difficult because companies rely on self-certification of suppliers and do not have the time or information to verify claims.”
The company addresses multiple compliance, supply chain and supplier issues and identifies potential risks.
“The company was established some time ago. It is based on information gained from past experience regarding third party risks, supply chain and procurement. In previous companies, it became really clear that there were common themes and problems that the companies had to deal with,” Alegbe explains. “The supply chain is a particularly pressing issue in today’s world. This applies to almost all companies and governments.”
The company seeks to address many different categories of business risk, with the ultimate goal of increasing the flexibility of the companies it works with. The Company considers risks in terms of supply chain, sustainability in terms of financial and corporate social responsibility (CSR), as well as in terms of environmental protection, social protection and governance (ESG). He also wants to focus on sustainability as part of the process. In general, the company considers the real risks that customers face in order to be able to deliver their product or service.
“At its core, we are creating a new category. We believe that the supply chain and purchasing as a function will change radically over the next 5 to 10 years, with companies choosing suppliers based on their values…opportunities and costs,” predicts Elegbe. “And as a result, we see that this is a new category that is suitable for design. We see ourselves as the initiators of these changes and can really help companies embrace these changes. ,
The round was led by Octopus Ventures with contributions from Connect Ventures, Concentric, Seedcamp, Ascension and the Working Capital Innovation Fund. With previous investments led by Connect Ventures, the company’s total funding has reached $11 million. Contingent claims to have grown its global customer base more than 10 times and its platform is used by purchasing and supply chain departments in a stellar list of companies including Monzo, Seagate, Huel, Barratt Development plc and the UK government. .