Eezee, a Singapore-based B2B procurement startup, is further expanding its platform in the Philippines after raising $7.5 million in a funding round led by Ayala Corporation-backed venture capital firm ACTIVE Fund.
The Series A funding round was also participated by existing investors Insignia Ventures, Wavemaker Partners, and January Capital, and new investors HH Investments, Orange Venture Fund, and a number of angels.
Launched in 2018, Eezee has become one of Singapore’s top B2B digital procurement platforms. It sells more than 130,000 items in over 600 categories from nearly 2,000 suppliers. It covers a wide range of sectors, including energy, oil & gas, aerospace, and manufacturing.
CEO and co-founder Logan Tan the idea for Eezee started when he was heading procurement in a construction firm. Tan said the sector is quite traditional and ordering items was done manually, which meant it could take up to two weeks just to order a single item.
“I knew there had to be a more convenient, efficient, and affordable way to do procurement. By using Eezee, businesses can source and place orders with just a few clicks of a button,” Tan added.
Last year, the company said it achieved a five-fold increase in Gross Merchandise Value (GMV) from a year earlier and Eezee plans to continue its strong growth.
The company will use the Series A funds to further grow its platform in the Philippines, Indonesia, and Malaysia, as well as double its headcount from the current 60-strong team.
In the Philippines, Eezee will be competing against other B2B marketplaces, including Burket, TiTINDA, Qwote PH, ExportHub, and more.
Globally, the B2B maintenance, repair, and operations (MRO) industry is estimated at $616 billion, and in Asia alone, B2B e-commerce is expected to grow by 12% annually.
According to Minette Navarrete, president of Kickstart Ventures, which advises the ACTIVE Fund, the digitalization of procurement has ramped up in recent years, due to its significant cost savings and simplification of a previously manual and inefficient process.
“Our investment in Eezee supports our resolve to co-build responsive and resilient supply chains with Logan and his team – where Eezee’s technology allows the shift from Automation to Augmentation and enhances the value of human capital in terms of productivity, quality, and efficiency,” Navarrete added.
Other B2B marketplaces that already operate in the Philippines include Burket, TiTINDA, Qwote PH, ExportHub, and more.