Matthew Wright’s goal is to let companies control the vast amounts of data out there in the business world and get it in shape for the better functioning of today’s all-important supply chains.
Tustin-based software company Specright Inc., which he founded five years ago, recently received $30 million in Series B funding.
Specright’s Specification Management software helps companies in the food, beverage, retail packaging, consumer products and other industries organize and share their supply chain specifications.
The round of funding will enable the company to double its headcount by early 2022 and expand operations globally.
National, OC Investments
The funding deal, announced earlier this month, came from investors led by Sageview Capital of Greenwich, Conn.
It brings the company’s total funding to about $46 million.
The new funding also included participation from prior investors Pritzker Group Venture Capital of Chicago, Okapi Venture Capital LLC of Ladera Ranch, Fika Ventures and Mucker Capital.
Marc Averitt, the co-founder and managing director of Okapi Capital, says that Wright is in a “unique position” to help companies whose data are “scattered across paper, Excel, emails, or managed by their suppliers. “
“I’ve been working with Matthew and his team for several years and I’m very excited to be a part of the journey,” Averitt told the Business Journal on July 15.
Data Sharing
Specright says its software allows companies to “easily share data across their supply chain network,” and digitize the huge amounts of information.
Information that can be shared using their platform includes details on how to make a product, which specific ingredients to use, packaging dimensions, and branding and design elements, with the vendors that actually make and prepare the product for the market.
Notable Customers
Specright has won name-brand customers including Johnson & Johnson, Colgate, P&G, Caterpillar, and Albertsons supermarkets.
“We help industrial manufacturers—that could be chemicals, it can be automotive parts. We also help consumer product goods, personal care items, beauty, make-up, etc.,” Wright told the Business Journal on July 14. “Food has been a primary source. That has expanded into private label retail and other elements of the food space.”
He says the pandemic has provided a “large boost” to the company.
“During the height of the COVID-19 pandemic, many supply chain executives realized they didn’t have control over the data they needed to build resilient supply chains or meet the demands of modern consumers,” Wright said.
Flight Move
The company recently moved from Irvine to Tustin’s Flight, a creative office space campus, where employees can enjoy a “great atmosphere” with nearby walking trails, a food hall and easy accessibility to the freeway system, he said.
The company currently has 80 employees, with at least 100 planned by the end of the year, if not more.
Specright posted a dozen job openings on its website as of July 21.
Wright said the company’s revenue has doubled in the last two years, and he expects a similar increase this year, without releasing any specific figures.
