2/10/2019 – Eezee, a Singapore online business-to-business (B2B) marketplace for industrial hardware and supplies has recently closed its seed funding from Insignia Ventures Partners to extend its platform overseas.
“We have seen many startups attempt to plug the gap in building a marketplace for businesses,” said Pinn Lawjindakul, the Principal at Insignia Ventures Partners. “Eezee stands out as it is capable to offer solutions for enterprises that boost productivity and save costs.”
Founded in 2017, Eezee connects local suppliers to corporate clients, leveraging technology to aid both parties make informed decisions as well as providing a secure platform for buyers and sellers to transact.
For buyers, the startup is an online marketplace that consolidates a range of small industrial supply brands and products. This allows businesses to easily compare prices between goods and suppliers like safety shoes, safety glasses, safety goggles, safety harnesses, personal protective equipment, power tools and hardware.
Meanwhile for sellers, the platform helps manage sales orders and categorize their stock as well as source other items from other suppliers when requested by their customers. Businesses also can use the platform to let companies integrate its business transactions into its internal record, which will help eliminate the hassle of paper documentation.
“Cross-border trade is quite tricky. When you are looking to purchase suppliers from another country, you are dealing with suppliers that your are unfamiliar with and are unsure of who to trust,” explained Eezee’s co-founder Logan Tan.
“With Eezee, we are building the first accredited database of suppliers in Southeast Asia, so that there is greater transparency when it comes to trade,” Tan added.
In fact, the startup aims to become the first marketplace in Southeast Asia to support convenient and seamless business trade in maintenance, repair, and operations (MRO) industry.
While this investment sum was undisclosed, the startup revealed that the investment will go towards its business expansion in Asia as the team focuses on acquiring corporate consumers beyond Singapore.
Besides funding capital from its US$120 million debut fund, Insignia Ventures Partners will also be supporting the Eezee team in building connections outside of Singapore and providing strategic counsel on various business, operations, and marketing decisions.
Since its inception, Eezee has acquired more than 5,000 business accounts in Singapore, in addition to 600 distributors, suppliers, wholesalers on the platform with over 70,000 SKUs.
This news is published on Reuters.