This morning, Keychain, a manufacturing platform, announced a $18 million Seed round led by Lightspeed Venture Partners.
Keychain aims to utilize artificial intelligence to assist brands in discovering manufacturing partners. The founders, Jordan Weitz, Umang Dua, and Oisin Hanrahan, previously co-founded and operated the home software company Handy, later acquired by Angi. Subsequently, they advanced in their careers at Angi, with Dua becoming the CRO and Hanrahan serving as the CEO.
Keychain’s Quest: Revolutionizing Manufacturing for CPG Companies and Paving the Way for Industry Innovation
The team concluded that it was time for a fresh challenge and turned their focus to launching a new company: Keychain. Hanrahan emphasized that identifying the ideal manufacturing partner poses a significant challenge for consumer packaged goods (CPG) companies. While they aspire to create excellent products like healthy food and high-quality cosmetics, the process of finding the best manufacturing partner often becomes a hindrance,
Reducing that process from months to days, we believe we can unleash innovation in product development for the entire industry. Consequently, this will lead to healthier and more affordable products on our store shelves,” stated Hanrahan. Currently, the CPG industry primarily operates offline, heavily relying on trade shows and vetting through brokers. Keychain’s core focus is to establish a marketplace that connects “over 10,000 manufacturers on one side with brands and retailers on the other,” according to Hanrahan.
The product currently operates on an invite-only basis but intends to open up to select retailers and brands next year.
Hanrahan expressed gratitude for securing a significant seed round in the current conservative funding landscape. Having sold Handy in 2018, he and his co-founders, with a prior exit as founders, garnered investor interest. He noted that the round was highly oversubscribed.
David Tisch, a partner at BoxGroup and an early investor in Handy, has also invested in Keychain. Speaking to TechCrunch, he mentioned, “There are few entrepreneurs I’ve seen who are as strategic and tenacious. I’m excited to work with them again.” Afore Capital and SV Angel also took part in the funding round.
The company’s plans involve expanding to assist businesses throughout the entire manufacturing process, covering sourcing, onboarding, and compliance. However, their immediate focus is on the Q1’2024 launch. Hanrahan emphasized, “We’re laser-focused on working with our first few partners and manufacturers to bring this product to life.
We updated this story to make it clear that Dua and Hanrahan founded Handy together.
CHECK THESE OUT: