Singapore-based Eezee raises US$7.5mil Series A round
By Digital News Asia September 8, 2022
- Previous investors Insignia Ventures, Wavemaker Partners, others, participated in this round
- Fund will be used to grow team, expand market share & product development
Singapore-based procurement startup Eezee has raised US$7.5 million (RM33.7 million) in its Series A round led by Ayala Corporate Technology Innovation Venture Fund (Active Fund), a venture capital backed by Ayala Corporation and its business units.
Previous investors, Insignia Ventures, Wavemaker Partners, and January Capital, together with new investors, HH Investments and Orange Venture Fund also participated in this round, the firm said in a statement.
It said the startup also received funding from several business angels. Eezee said it plans to use this funds to grow its team, expand its market share, as well as develop new product features for its B2B online procurement platform.
Minette Navarrete, president of Kickstart Ventures, who advises the Active Fund, said the B2B MRO market is estimated at US$616 billion (RM2.7 trillion) and in Asia alone, B2B e-commerce is expected to grow by 12% annually.
“The digitalisation of procurement has ramped up in recent years, due to its significant cost-savings and simplification of a previously manual and inefficient process.
“Not only does digitalisation result in greater efficiencies, it also allows both buyers and sellers to analyse data and generate intelligent insights for more competitive procurement practices and better buyer- supplier transactions,” said Navarrete.
She added that the firm’s investment in Eezee supports its resolve to co-build responsive and resilient supply chains with Tan and his team.
Its technology allows the shift from automation to augmentation and enhances the value of human capital in terms of productivity, quality and efficiency, the firm said.
Eezee’s digital procurement platform allows businesses to search and shop online for a wide array of products, ranging from office stationery to safety equipment and industrial supplies, it said.
By streamlining the procurement process, the platform allows businesses to save money and time, it claimed.
The startup integrates with businesses’ existing Enterprise Resource Planning (ERP) systems, such as Oracle and SAP and ensures the procurement process is seamless and complies with business operations.
Logan Tan, chief executive officer and founder of Eezee, said the idea for Eezee started when he previously headed the procurement department for a construction firm.
“This sector is quite traditional and ordering of items was both time consuming and a hassle.
“By using Eezee, businesses can source and place orders with just a few clicks of a button, taking approximately five minutes per order, with all records automatically tracked online,” he said.
Tan said on average, customers see an acceleration in their procurement process by 90%.
“Presently, Eezee is placing itself at the centre of all procurement transactions, creating a win-win for all parties, including customers, suppliers and ERP systems,” he said.
Since launching in 2018, Eezee said it has quickly developed into Singapore’s top B2B procurement marketplace.
It claimed to have sold more than 130,000 items in over 600 categories from nearly 2,000 suppliers and managed over 400 enterprise customer accounts, including notable industry leaders, such as ExxonMobil, Shell, Zuellig Pharma and Resorts World Sentosa.
Tan said the startup will use its Series A funds to further grow its platform in Indonesia, Malaysia and the Philippines, as well as double its headcount from its current 60 strong team.
“We are currently the #1 procurement platform in Singapore and aim to achieve a similar presence in other Southeast Asia countries, with particular focus on Indonesia, Malaysia and the Philippines over the next year,” he said.
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