fbpx
Funding

Product development startup SupplyScope lands $300,000 pre-Seed from Skalata

- May 9, 2024 2 MIN READ
SupplyScope cofounders Raman Singh, Reinaldo Lie and Preet Singh.
SupplyScope cofounders Raman Singh, Reinaldo Lie and Preet Singh.
SupplyScope, a product development startup dealing with regulatory compliance and safety to get to market faster, has raised $300,000 from early-stage investor Skalata.

The challenge faced by product suppliers is that takes months of testing and paperwork to get to market. As a result, many have bypassed larger stockists by selling direct-to-consumer and via online marketplaces.

But that shift has come to the attention of consumer watchdog the ACCC, which has been running a fine tooth comb over thousands of products being sold in Australia for safety compliance and declaring many non-compliant.

A recent example is the popular Australian startup The Oodie, which was forced to make a product safety recall for its kids beach Oodies because they lacked a warning label about the potential fire hazard of the loose-fitting garment. 

So siblings Preet and Raman Singh, set out with their Supplyscope cofounder Reinaldo Lie to create is a streamlined, centralised place to design, build, and distribute products tbat also creates a full paper trail to sheltering brands and suppliers from the rising compliance tide. 

The Software-as-a-service platform brings together product lifecycle management software and quality management software for online direct-to-consumer (D2C) and wholesale brands. 

Preet said they combined their product, compliance, and financial expertise to reimagine the product development process. 

“Whether you’re a brand, marketplace or retailer, big or small, we want to be where you design and develop products, create their technical specifications, manage quotes, do your compliance, and eventually manage payments to your trading partners,” he said.

The software helps sellers build products from scratch, using product templates, a component library, and AI assistance to make it easier than ever. It also offers CRM, incident management, and a growing network of vetted manufacturers. 

The impact SupplyScope is having for its customers is already clear, with a furniture manufacture, reducing its time-to-market from six months to four months, and reduced testing costs by $30,000.

Preet said another, a pharmaceutical client, has predicted that SupplyScope will reduce their time-to-market from two years to 3-6 months, and sell D2C for the first time, while a construction firm calculated that the platform will save them roughly 8 hours a week of Zoom calls managing Chinese suppliers. 

Singh adds that with compliance baked in, business cut the potential losses and legal implications associated with returns, recalls, and bad reviews. 

It’s a compelling idea as the federal government looks to revive the local manufacturing sector with its Future Made in Australia policy.

Compliance expert Rob Wise is an advisor to SupplyScope and said its potential in the chemical and food industries is “particularly enticing.” 

“SupplyScope seems tailor-made to streamline processes across consumer goods and beyond,” he said. 

Skalata Investor Rob Greco said said the fund is looking startups emerging as the first wave of VC-backed D2C SaaS (Shopify, Klaviyo, Shippo) gives way to the next generation of seller-assist software. 

“The brothers are domain experts and tenacious entrepreneurs. We’ll be working with them to help answer the question: how can D2C brands cut through the sea of mass produced goods of the Amazon era, and cater to a market that cares about quality?” 

 

2024 Startup Daily Best in Tech Awards - nominations open