- Earlier traders Insignia Ventures, Wavemaker Companions, others, participated on this spherical
- Fund might be used to develop group, develop market share & product growth
Singapore-based procurement startup Eezee has raised US$7.5 million (RM33.7 million) in its Collection A spherical led by Ayala Company Know-how Innovation Enterprise Fund (Energetic Fund), a enterprise capital backed by Ayala Company and its enterprise items.
Earlier traders, Insignia Ventures, Wavemaker Companions, and January Capital, along with new traders, HH Investments and Orange Enterprise Fund additionally participated on this spherical, the agency stated in an announcement.
It stated the startup additionally obtained funding from a number of enterprise angels. Eezee stated it plans to make use of this funds to develop its group, develop its market share, in addition to develop new product options for its B2B on-line procurement platform.
Minette Navarrete, president of Kickstart Ventures, who advises the Energetic Fund, stated the B2B MRO market is estimated at US$616 billion (RM2.7 trillion) and in Asia alone, B2B e-commerce is anticipated to develop by 12% yearly.
“The digitalisation of procurement has ramped up in recent times, as a result of its important cost-savings and simplification of a beforehand guide and inefficient course of.
“Not solely does digitalisation lead to larger efficiencies, it additionally permits each consumers and sellers to analyse knowledge and generate clever insights for extra aggressive procurement practices and higher buyer- provider transactions,” stated Navarrete.
She added that the agency’s funding in Eezee helps its resolve to co-build responsive and resilient provide chains with Tan and his group.
Its know-how permits the shift from automation to augmentation and enhances the worth of human capital by way of productiveness, high quality and effectivity, the agency stated.
Eezee’s digital procurement platform permits companies to go looking and store on-line for a wide selection of merchandise, starting from workplace stationery to security tools and industrial provides, it stated.
By streamlining the procurement course of, the platform permits companies to economize and time, it claimed.
The startup integrates with companies’ current Enterprise Useful resource Planning (ERP) programs, equivalent to Oracle and SAP and ensures the procurement course of is seamless and complies with enterprise operations.
Logan Tan, chief govt officer and founding father of Eezee, stated the concept for Eezee began when he beforehand headed the procurement division for a building agency.
“This sector is kind of conventional and ordering of things was each time consuming and a trouble.
“By utilizing Eezee, companies can supply and place orders with just some clicks of a button, taking roughly 5 minutes per order, with all data mechanically tracked on-line,” he stated.
Tan stated on common, prospects see an acceleration of their procurement course of by 90%.
“Presently, Eezee is inserting itself on the centre of all procurement transactions, making a win-win for all events, together with prospects, suppliers and ERP programs,” he stated.
Since launching in 2018, Eezee stated it has shortly developed into Singapore’s high B2B procurement market.
It claimed to have offered greater than 130,000 objects in over 600 classes from almost 2,000 suppliers and managed over 400 enterprise buyer accounts, together with notable trade leaders, equivalent to ExxonMobil, Shell, Zuellig Pharma and Resorts World Sentosa.
Tan stated the startup will use its Collection A funds to additional develop its platform in Indonesia, Malaysia and the Philippines, in addition to double its headcount from its present 60 sturdy group.
“We’re at present the #1 procurement platform in Singapore and goal to realize an analogous presence in different Southeast Asia nations, with specific deal with Indonesia, Malaysia and the Philippines over the following yr,” he stated.
