The argument is simple. There is no single supply-chain market for these funds. Each fund backs companies that sell one workflow to one buyer: a fleet manager, a procurement lead, a retail logistics director, a port engineer. A vendor who pitches the fund instead of that buyer is in the wrong room. PitchBook put $2.7 billion into supply-chain and logistics technology across 85 deals in the fourth quarter of 2025. Gartner’s April 2024 forecast had annual spend on supply-chain