Keychain Secures $5M Funding to Revolutionize Manufacturing with AI and Expand Across Europe

Consumer Packaged Goods (CPG) brands are under constant pressure to streamline sourcing processes for packaging materials and ingredient suppliers. Meeting consumer demands swiftly often requires navigating complex supply chains, which has traditionally been managed through attending trade shows and engaging with brokers. These outdated methods are not only time-intensive but also costly. Keychain, an AI-driven manufacturing database, is stepping in to change the game.

With a robust database comprising over 30,000 manufacturers and 20,000 brands and retailers, Keychain’s platform connects CPG companies to manufacturing partners seamlessly. The company recently raised $5 million in funding, led by Continente, one of Europe’s largest retailers and a division of Portugal’s Sonae Distribuição. This new investment marks a critical step in Keychain’s mission to revolutionize the manufacturing sector and solidify its presence in Europe.

Keychain’s Vision: Transforming CPG Manufacturing with AI

Keychain was founded by Oisin Hanrahan (CEO), Umang Dua, and Jordan Weitz. Hanrahan and Dua previously co-founded Handy, a home services marketplace that was acquired by ANGI Homeservices. Drawing from their experience in building disruptive platforms, the founders set out to address a glaring inefficiency in the CPG supply chain: the lack of a digital, AI-powered solution to connect manufacturers and brands.

“There are easily 200 to 300 trade shows annually for manufacturers,” said Hanrahan in an interview. “Some of these attract over 70,000 attendees, with brands and retailers spending millions to connect with suppliers. Despite this, there’s no digital product for managing these interactions, nor is there an AI-driven way to organize this data. That’s where Keychain comes in.”

Keychain leverages artificial intelligence to aggregate and analyze data, creating an efficient and transparent marketplace. This eliminates the dependency on brokers who traditionally profit from information asymmetry, which drives up the costs of goods.

A Game-Changing Approach

Building the AI-powered database was no small feat. Hanrahan shared that the company invested around $3 million in developing the data infrastructure, which has significantly boosted efficiency.

“We’re 10 to 15 times more efficient because of our ability to use AI,” Hanrahan explained. “When we launched Keychain just under a year ago, it took a couple of months to find our footing. But once the data infrastructure clicked, the platform started gaining rapid traction.”

Today, brands and retailers use Keychain to submit and manage projects worth over $1 billion. The company’s U.S. operations have already seen significant success, and the team is now preparing for a strategic European expansion.

Expanding Offerings and Global Reach

Keychain is not just stopping at connecting brands with manufacturers. The company is launching two new platforms — one specializing in packaging and the other in ingredients — to address specific needs within the CPG supply chain.

These new offerings align with Keychain’s broader goal of becoming a one-stop solution for sourcing in the CPG industry. The company is also taking a strategic investment from Continente to accelerate its European expansion. While Hanrahan didn’t disclose specific launch dates, he confirmed plans to debut in the European market later this year.

A Track Record of Strong Support

Keychain’s innovative approach has attracted significant interest from investors. Since November 2023, the company has raised a total of $38 million. Major backers include prominent venture capital firms such as BoxGroup, Lightspeed Venture Partners, and SV Angel. Additionally, industry heavyweights like General Mills, The Hershey Company, and Schreiber Foods have also invested in the platform, further validating its potential to reshape the industry.

The Future of CPG Sourcing

The traditional methods of sourcing — attending trade shows, relying on brokers, and navigating fragmented supply chains — are quickly becoming outdated. Keychain is at the forefront of this transformation, using AI to provide transparency, efficiency, and cost savings to brands, manufacturers, and retailers alike.

By connecting stakeholders through its AI-powered database, Keychain not only reduces costs but also accelerates the time-to-market for products. With $5 million in fresh funding, new platforms on the horizon, and plans for a European rollout, Keychain is well-positioned to redefine how the CPG industry operates.

As Hanrahan puts it, “We’ve spent years building this platform to address inefficiencies in the supply chain. Now, with the support of our investors and partners, we’re ready to scale our impact globally.”

Keychain is poised to revolutionize the global supply chain, empowering CPG brands and manufacturers with the tools they need to succeed in an increasingly competitive market.