Keychain, a manufacturing platform for the packaged goods industry, announced raising $18 million in seed funding on Tuesday, led by Lightspeed Venture Partners. Additional investors included BoxGroup, Afore Capital, SV Angel, and over 20 consumer packaged goods industry professionals.
According to Umang Dua, co-founder and COO, the New York-based startup is building its entire engineering team in Gurgaon while operating globally in the manufacturing space.
Keychain aims to connect brands with manufacturing partners through its AI platform, starting with a network of over 10,000 manufacturers.
The company offers services ranging from competitive intelligence and manufacturer sourcing to terms negotiation, onboarding, and compliance.
Keychain plans to open its platform to select retailers and brands in 2024, currently being accessible only to invited partners.
Founded in 2023, Keychain is spearheaded by its founders, Dua and Oisin Hanrahan. The duo, known for their prior success with Handy, navigated it to a successful exit into Angi. Post-exit, they assumed pivotal roles as the chief revenue officer and chief executive at Angi within the newly merged company.
The dynamic duo is complemented by co-founder Jordan Weitz, who brings a wealth of experience from his background in private equity and venture capital, as highlighted in the company’s official statement.
“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,” CEO Oisin Hanrahan said in the statement.
Raviraj Jain, partner at Lightspeed Venture Partners, added, “They’re tackling a thorny, real-world problem with smart technology and a deep understanding of how to build a marketplace.”
