Source

Source is a procurement company specializing in furniture, fixtures, and equipment (FF&E) and operating supplies and equipment (OS&E) for the hospitality, multifamily, and senior living sectors, enhancing efficiency in project management. Founded in 2018 and headquartered in Portland, US, Source operates in procurement services targeting the hospitality and real estate development sectors. The company has executed a total of 2 deals, with the most recent transaction occurring on July 5, 2023. Source raised USD 8.

12 mn in Series A funding led by M13, with participation from Founders’ Co-op, Oregon Venture Fund, Rise of the Rest, Rogue Venture Partners, and other investors. The current CEO is Nicole Schmidt, who provides strategic leadership to the company. Source specializes in the procurement of furniture, fixtures, and equipment (FF&E) as well as operating supplies and equipment (OS&E) for the hospitality, multifamily, and senior living sectors. Their primary offerings streamline the procurement process by providing vendor-direct pricing, real-time visibility, and expert support, enabling clients to manage their projects more efficiently and effectively.

The company focuses on creating impactful spaces, serving a diverse client base that includes boutique hotels, large-scale developments, and senior living facilities. Source's solutions are designed to simplify complexity and drive momentum for visionaries in the industry, ensuring that procurement is faster, smarter, and more transparent. Geographically, Source operates in various key markets, including urban centers across the United States, catering to a wide range of clients within the hospitality and real estate development sectors. Source generates revenue through a business-to-business (B2B) model, primarily involving direct transactions with clients seeking procurement services.

The revenue structure typically involves fee-based arrangements where clients engage Source for their procurement expertise and resources. The company’s financial performance is supported by a robust client retention rate of 98%, indicating a strong demand for their services. Transactions often encompass comprehensive contracts that cover multiple aspects of procurement, from initial sourcing to final installation, ensuring that clients receive a complete package of services. While specific pricing models are not disclosed, the range of services provided—centered on the procurement of FF&E and OS&E—forms the basis for Source’s revenue generation, reinforcing its position as a trusted partner for clients facing tight schedules and significant project budgets.

In July 2023, Source raised USD 8. 12 mn in Series A funding to enhance its platform, expand its team, and broaden its business reach nationwide. The company aims to introduce new products designed to further streamline procurement processes while targeting expansion into additional urban markets across the United States. The funding will support these initiatives, facilitating growth and development within the competitive procurement sector.