Keychain Raises: Streamlining the Global Consumer Packaging Industry
Tech startup Keychain, co-founded by Oisin Hanrahan and Umang Dua, has successfully raised $18 million in a seed funding round led by Lightspeed Venture Partners, along with contributions from Box Group, Afore Capital, SV Angel, and more than 20 industry professionals specializing in consumer packaged goods (CPG).
Keychain Raises: Proprietary Technology for Efficient Partner Identification
Keychain’s unique proposition lies in its proprietary technology designed to assist retailers and brands in swiftly identifying optimal manufacturing partners for consumer goods packaging. With a global network of over 10,000 manufacturers, the startup aims to bring efficiency and transparency to an industry traditionally characterized by fragmentation, dominated by trade shows, brokers, and labor-intensive vetting processes.
Visionary Founders with a Track Record
Co-founders Oisin Hanrahan and Umang Dua bring a wealth of experience to Keychain. Previously, they founded the home-services marketplace Handy, which achieved a notable nine-figure exit when it was acquired by the NASDAQ-listed ANGI in 2018. Handy had garnered over $100 million in funding and reached a valuation of approximately $360 million.
Navigating Industry Challenges
Hanrahan emphasizes the industry challenges Keychain seeks to address, stating, “Brands and retailers want to create great products — healthy food, high-quality cosmetics, ethically sourced coffee — but finding the right manufacturing partners globally within the chaos of the current system often gets in the way.”
Unlocking Innovation Through Efficiency
The founders draw from their decade-long experience in building and running platforms for fragmented industries. Umang Dua notes the potential of such platforms, stating, “By creating a more efficient, accessible supply chain for packaged goods (with Keychain), we’re unlocking innovation, speed, and product development for the entire industry.”
Expanding Support Through the Manufacturing Process
Keychain envisions providing end-to-end support for its partners, from competitive intelligence and manufacturer sourcing to terms negotiation, onboarding, and compliance. While the platform is currently accessible only to invited partners, the company plans to open it to select retailers and brands in 2024.
Keychain’s latest funding round underscores its potential to redefine and enhance efficiency within the consumer packaged goods manufacturing sector, showcasing the industry’s readiness for innovative solutions.