Tech startup Keychain bags $18 million to build a global platform for consumer packaged goods manufacturing

New York-based Keychain has raised $18 million in a seed funding round by Lightspeed Venture Partners, with participation from Box Group, Afore Capital, SV Angel and over 20 consumer packaged goods (CPG) industry professionals.

 

The startup says its proprietary technology helps retailers and brands quickly identify the best manufacturing partners for consumer goods packaging. It is currently working with a network of over 10,000 manufacturers around the world.

Founded by Oisin Hanrahan and Umang Dua, Keychain is looking to streamline the $3 trillion global consumer packaging industry, which is serviced by more than ten million factories that operate in a fragmented landscape dominated by trade shows, brokers, and manual, time-intensive vetting.

‘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,” said Oisin Hanrahan, Co-founder, Keychain.

Hanrahan and Umang Dua had earlier founded a home-services marketplace named Handy, which they sold in a nine-figure exit to the NASDAQ-listed ANGI in 2018. Prior to the acquisition, Handy had raised over $100 million and was last valued at about $360 million, as per Pitchbook.

Hanrahan and Dua served as the Chief Executive Officer and Chief Revenue Officer of the newly combined company before setting up Keychain. Jordan Weitz, a former private equity and venture capital executive, has joined as the third co-founder.

‘Oisin and I spent a decade building and running a platform for home services, and we saw how powerful those platforms can be for fragmented industries,’ said Umang Dua, Co-founder, Keychain.

By creating a more efficient, for packaged goods (with Keychain), “we’re unlocking innovation, speed, and product development for the entire industry,’ he added.

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.

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