Insider Brief
- Keychain, a manufacturing platform for the packaged goods industry, has secured $18 million in seed funding led by Lightspeed Venture Partners, joined by other investors and over 20 CPG industry professionals, aiming to revolutionize the CPG supply chain.
- The platform, utilizing AI technology, aims to simplify and bring transparency to the fragmented and complex packaged goods manufacturing process, starting with a network of over 10,000 manufacturers to assist brands in finding ideal manufacturing partners.
- Founded by experienced entrepreneurs Oisin Hanrahan and Umang Dua, along with Jordan Weitz, Keychain plans to open its platform to selected retailers and brands in 2024, currently operating on an invitation-only basis for partners.
PRESS RELEASE — NEW YORK/November 14, 2023 /PRNewswire/ — Keychain, a manufacturing platform for the packaged goods industry, today announced that it has raised $18 million in seed funding in a round led by Lightspeed Venture Partners, with participation from BoxGroup, Afore Capital, SV Angel, and over 20 CPG industry professionals.
By building the world’s first comprehensive platform for the CPG supply chain, Keychain is bringing clarity and convenience to the industry for the first time. Every year in the U.S. alone, $500 billion worth of packaged products are produced by more than 20,000 manufacturers — a deeply fragmented landscape dominated by trade shows, brokers, and manual, time-intensive vetting. Starting with a network of over 10,000 manufacturers, Keychain’s proprietary, AI-powered technology helps brands quickly find the perfect manufacturing partners.
Keychain is founded and led by a veteran team of operators, including Handy founders Oisin Hanrahan and Umang Dua, who guided the startup to a nine-figure exit to Angi before becoming, respectively, CEO and CRO of the newly combined company. They are joined by cofounder Jordan Weitz, who brings experience in the CPG sector from his time in private equity and venture capital.
“Brands and retailers want to create great products — healthy food, high-quality cosmetics, ethically-sourced coffee — but finding the right local and international manufacturing partners within the chaos of the current system often gets in the way,” said Oisin Hanrahan, Keychain Cofounder and CEO. “Both Umang and I are incredibly excited by what we’re building, because we believe that creating a more transparent supply chain ultimately means that shoppers around the world will find more outstanding products on store shelves.”
“We love what Oisin, Umang, Jordan and the team at Keychain are building,” said Raviraj Jain, Partner at Lightspeed Venture Partners. “They’re tackling a thorny, real-world problem with smart technology and a deep understanding of how to build a marketplace. Lightspeed is proud to lead Keychain’s seed financing and support them on their mission to create a more efficient, accessible supply chain for packaged goods.”
Moving forward, Keychain aims to help its partners navigate the entire manufacturing process, all the way from competitive intelligence and manufacturer sourcing, to terms negotiation, onboarding, and compliance.
While the company plans to open its platform to select retailers and brands in 2024, Keychain is currently available only to invited partners. Interested brands, retailers, and manufacturers can apply to join at www.keychain.com.
About Keychain
Keychain is a platform for CPG manufacturing that works with brands and retailers to bring clarity and convenience to the process of creating products that consumers love. Starting with a network of over 10,000 manufacturers, Keychain’s proprietary, AI-powered platform helps brands quickly find the perfect manufacturing partners. The company is based in New York City.
Media Contacts
Britta Mulderrig
Britta@haymaker.co
Featured image: Keychain Co-Founder Jordan Weitz, CEO and Co-Founder Oisin Hanrahan, and COO and Co-Founder Umang Dua. Credit: Keychain
