Today, Baird Capital portfolio company SourceDay, a leading supplier collaboration engine for the direct spend industry, and one of Austin’s fastest-growing companies, announced it closed a $31.5 million Series C round of funding. Baird Capital participated in the round of funding—which Norwest Venture Partners led—and was joined in participation from existing investors ATX Ventures, Draper Associates, Ring Ventures and Silverton Partners.

This Series C news comes at a critical time for manufacturers, distributors, consumer packaged goods brands and retailers as they are challenged with continued supply chain disruptions and first-mile issues accelerated by the pandemic. Baird Capital initially invested in SourceDay in April of 2020.