SourceDay achieves 230% revenue growth YOY and welcomes former Dell executive Paul Bell and ATX Seed Ventures’ Christopher Shonk to its Board of Directors
AUSTIN, Texas— SourceDay, the pioneer in automating direct spend procurement, purchase order management and supplier collaboration, today announced that former Dell executive and current Operating Partner at Lead Edge Capital, Paul Bell, and longtime business advisor and investor, Christopher Shonk, General Partner at ATX Seed Ventures, have joined SourceDay’s board of directors. SourceDay welcomes Bell and Shonk to its board after a 2018 full of strong growth and key milestones, including 230 percent YOY revenue growth and a successful Series A round of funding.
Continuing to Grow
“SourceDay is on the brink of something big,” said Bell. “They are leading the charge in defining a new industry category by solving the procurement industry’s most prevalent problems in new innovate ways, and I’m excited to do what I can to help the company see even more success.”
“SourceDay not only offers a product that is completely revolutionizing the world of procurement; it’s a smart, strategic business run by some of the hardest working, most innovative entrepreneurs I know,” said Shonk. “I’ve been working with and investing in SourceDay since shortly after they founded the business, and I’ve been continually impressed by the company’s ability to grow and succeed in a completely new field, the digitization of procurement. Joining SourceDay’s board is a great honor for me, and I look forward to being able to help build on the company’s incredible 2018 momentum as an official part of the company.”
In addition to tremendous percent revenue growth, in 2018 SourceDay saw its number of customers grow by 58 percent, the number of employees grow by 87 percent and the addition of 20 new ERP and channel partners. On top of this growth, SourceDay closed out the year with $6.5 million in Series A financing, bringing its total funding amount to $10.8 million since launching its platform in 2013, all while receiving prestigious industry distinctions including being named to Built in Austin’s 50 Startups to Watch list and included in Red Herring’s Top 100 Global Winners and Top 100 North America Winners lists.
Additions to the Board
“We’re incredibly proud of the success and growth we’ve seen over the past several years, and adding Paul and Chris to our board is just another step towards building the elite team that will help us build on and accelerate that growth,” said Tom Kieley, CEO of SourceDay. “Since nearly day one, Chris has been an integral part of every victory, from both an advisory and financial perspective, and we couldn’t be more excited to now welcome him as an official member of the SourceDay family. We are also truly fortunate to now be able to benefit from Paul’s notorious expertise and incredible technology network. We’re pinching ourselves really, with these two new powerhouses on the board.”
Bell has been Operating Partner at Lead Edge Capital since 2013 where he has worked with portfolio companies including Xamarin, Spredfast, Toast and Kapost. Prior to that he was at Dell for 15 years where he served variously as president of the EMEA region, the Americas region, the global Consumer and Small Business unit, and the global Large Enterprise and Public Sector unit. He has an MBA from Yale and BS and BA degrees from Penn State.
Shonk, an entrepreneur since the age of 14, has been a partner with ATX Seed Ventures since 2014. Shonk is also the co-founder of Virtus Financial Group (now Virtus Real Estate), EZ Money Pawn and Sneaky Games. Additionally, Shonk and his wife Myrna were among the first investors in and the largest franchisees of Massage Envy, of which they continue to own numerous locations in Central Texas. Prior to these successes, Chris served in the US Army and worked as an analyst at Merrill Lynch to begin his post-military career. Shonk is a graduate of Campbell University and Acton School of Business, where he earned his BA and MBA, respectively.
SourceDay is a Software as a Service (SaaS) solution that automates procurement and purchase order management and supplier collaboration by seamlessly integrating with Enterprise Resource Planning (ERP) systems. SourceDay extends ERP purchasing capabilities by centralizing and managing the PO lifecycle for buyers and suppliers, eliminating manual processes while improving supplier performance.