August 12, 2022

Black-Owned SaaS Platform Closes $2.5M Seed Round

Black-owned SaaS startup, Stimulus recently closed a $2.5 million seed round. The funding round was led by Black Ops VC and included Genius Guild, Morgan Stanley, Northwestern Mutual Future Ventures, REFASHIOND Ventures, Bronze Valley, The BFM Fund, Plain Sight Capital, Penn Medicine, and a few angel investors. 

Stimulus, founded in 2017 by Tiffanie Stanard, is a relationship intelligence (SaaS) platform that uses data insights and relationship-building tools to help companies make the best purchasing decisions while assisting them in optimizing, nurturing, and growing their supplier ecosystems. 

The company’s mission is to help businesses build honest, transparent relationships that lead to better business outcomes. It makes it more efficient for companies to choose suitable suppliers. It gives decision-makers the ability to make the best purchasing decisions to build an ecosystem their organization can rely on.

“You have exposure from household names to smaller businesses run by underrepresented founders,” said Tiffanie Stanard. “It’s going from discovery to matching in real-time.” 

“We met the investors in our seed round through our founder network and our current investors making a referral. We have a great group as they understand the procurement and supply chain space.” 

The funding will go towards the development of the Stimulus Relationship Intelligence Platform. The startup is also looking to hire three teams to help expand its services.   

Kumba Kpakima

Kumba Kpakima is a reporter at POCIT. A documentary about the knife crime epidemic in the UK got her a nomination for the UK's #30toWatch Young Journalists of the Year.