Keychain, a manufacturing platform for the packaged goods industry, today announced that it has raised $15 million in new funding. The round was led by BoxGroup, with support from major food companies General Mills and Schreiber, and existing investors including Lightspeed Venture Partners, and SV Angel.
One year after announcing $18 million in seed funding, Keychain has already enabled over 20,000 brands and retailers to search for manufacturers using Keychain’s AI-powered platform. This brings Keychain’s total funding to $33 million. Prior to Keychain, the search and discovery process was time-intensive and convoluted, preventing brands, retailers, and manufacturers from reaching their full potential.
“Keychain’s first product, our search and discovery platform, is now working at scale for US-based food and beverage brands, retailers, and manufacturers. This has happened much faster than we expected,” said Oisin Hanrahan, Cofounder and CEO of Keychain. “From here we’re excited to build a deep set of AI-powered workflow tools to help our brand and retail partners bring products to market faster. In addition, you can expect an announcement on new verticals and geographies soon.”
Keychain is digitizing an industry that previously operated completely offline and currently helps facilitate over $500 million in projects each month. The company has also received support from leading CPG brands, like the Hershey Company, Rich Products, and most recently General Mills’ venture capital arm, 301 INC, who are confident in Keychain’s ability to support the evolution of the manufacturing ecosystem.
“General Mills invested in Keychain because our team finds the product complements and accelerates our digital transformation work,” said Paul Gallagher, chief supply chain officer, General Mills. “We’re constantly looking for new ways to increase the efficiency of our supply chain workflows, and it’s rare that our team finds a product that they are universally positive about using. We believe Keychain is going to change how the CPG industry works to advance the contract manufacturing industry.”
“When we first got involved in Keychain, the enormous opportunity to help organize and support domestic manufacturing was obvious,” said David Tisch, Managing Partner at BoxGroup. “What we’ve come to appreciate in the last few months is the incredibly important role Keychain will play in shaping global CPG trade, and the import and export of food, materials, and packaging. From sovereign funds, to commodity exchanges, to certification agencies, they all have a clear, strategic reason to want a relationship with Keychain.”
Looking toward 2025, Keychain will continue building its depth in the United States food and beverage manufacturing ecosystem. Keychain is ultimately building the platform for all CPG manufacturing globally.
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. Currently, with a network of over 20,000 manufacturers and over 20,000 brands and retailers, Keychain’s proprietary, AI-powered platform helps brands quickly find the perfect manufacturing partners. The company is headquartered in New York, with offices in Austin and Delhi.
