Technology Category
- Functional Applications - Manufacturing Execution Systems (MES)
- Sensors - Environmental Sensors
Applicable Industries
- Finance & Insurance
- Transportation
Applicable Functions
- Logistics & Transportation
Use Cases
- Additive Manufacturing
- Supply Chain Visibility
About The Customer
Vitruvi is a wellness company founded in 2014 by siblings Sara and Sean Panton. The company is on a mission to help people incorporate the benefits of essential oils into their daily lives. Vitruvi creates essential oil products designed to elevate beauty, body, and home routines, turning daily activities into moments of wellness that relax, rejuvenate, and inspire. Over four years, Vitruvi has grown from a small Vancouver Island-based business to an established international brand, boasting a 900% growth rate.
The Challenge
Vitruvi, a wellness company specializing in essential oil products, faced significant challenges in managing its supply chain as it experienced a rapid growth rate of 900% over four years. The company's flagship product, a high-end stone and ceramic diffuser, was in high demand, leading to production and shipping bottlenecks. The long production lead times resulted in significant delays in delivering the diffusers from Taiwan to customers, forcing Vitruvi to rely on expensive air freight. Additionally, a large portion of the company's working capital was tied up in manufacturing and shipping. The company was at a crossroads, needing to either seek help from a traditional lender or dilute its equity by pursuing a funding round.
The Solution
Vitruvi partnered with Flexport Capital to realign its supply chain and overcome its production and shipping challenges. Flexport's data-enabled freight forwarding solutions allowed Vitruvi to establish more predictable shipping schedules. Beyond this, Flexport Capital's flexible trade financing solution provided Vitruvi with quick access to the necessary funding to realign its manufacturing processes. Specifically, Flexport Capital helped Vitruvi fund the deposit on a new production facility, paving the way for more cost-effective and reliable manufacturing and shipping. This partnership allowed Vitruvi to completely realign its supply chain, resulting in significant cost savings and improved efficiency.
Operational Impact
Quantitative Benefit
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