One year after Minneapolis-based Inspectorio began piloting its supply chain monitoring software with Target, the startup announced it will partner with Target for a full implementation of its tech with 50 of Target's apparel vendors in Vietnam, Cambodia and Thailand.
Inspectorio began testing its program with Target during the Target + Techstars retail accelerator last year. After the 13-week program wrapped up, Inspectorio launched a six-month expanded pilot with Target, which concluded in March.
The supply chain startup's tech creates transparency in factory work through digitizing purchase orders, book inspections and predicting defections in products. The company was founded by three brothers, Carlos, Luis and Fernando Moncayo Castillo. The brothers have founded multiple companies together, and have spent more than a dozen years working in supply chain and compliance.
Inspectorio was one of 10 startups to participate in the inaugural Target + Techstars retail accelerator last summer. After completing the program, the company decided to move the company's headquarters to Minneapolis. Inspectorio CEO Carlos is based in Vietnam. Both Luis, the chief operations officer, and Fernando, managing director, relocated to the Twin Cities with their families last year.
"We were first exposed to the Twin Cities through Techstars, and before that we didn't know much about the area," Carlos said. "We were really surprised to learn about the level of diversity, available talent and quality of life. Everybody felt really comfortable with the idea of staying long-term."
In a round led by Target, Inspectorio raised $3.7 million in seed funding earlier this year. Techstars Ventures and Minneapolis-based Matchstick Ventures, a fund managed by Target + Techstars director Ryan Broshar, also participated.
While other Target + Techstars alums have raised funds since leaving the accelerator ($32 million collectively, according to Broshar), Inspectorio is the only startup Target has invested in post-program.
Over the last year, Inspectorio has grown considerably. The company now employs 71 people and has nearly tripled its client base, according to Carlos. Target is currently its biggest client.
"We're excited about how things are playing out," he said. "This is a really important milestone for us. We're excited for the future of the company, and to grow in Minneapolis."
