SG-based B2B Marketplace Eezee Secures Seed Funding from Insignia Ventures

Eezee, Singapore’s first and largest industrial business-to-business marketplace, has secured seed funding from Insignia Ventures Partners, according to a statement.

The amount raised was not disclosed but Eezee, founded in 2016 by Jasper Yap, Jun An Tan, and Terrence Goh, said the fresh funding will be used to bring its platform to overseas markets.

Eezee connects corporate clients to local suppliers to aid both parties to make informed decisions. It claims to offer a secure transaction platform for buyers and sellers, eliminating the hassle of paper documentation.

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The company said it seeks to improve the efficiency of B2B transactions by ensuring that the process of selecting and purchasing supplies becomes transparent, more convenient, and quicker.

As of October 1, the company has 613 registered suppliers and over 31,600 products on its platform. It has 450 subcategories led by mechanical parts, office and school consumables, safety, power tools, and cleaning products, among others.

In a statement, the company said the seed funding from Insignia Ventures Partners will be used to finance its Asia expansion.

Among others, the fresh capital will be used to acquire corporate customers beyond Singapore to achieve its goal of becoming Southeast Asia’s first marketplace for business trade, specifically in the repair, maintenance, and operations industry.

“We are building the first accredited database of suppliers in Southeast Asia, so that there is greater transparency when it comes to trade,” said Eezee co-founder Logan Tan.

Insignia Ventures Partners, the seed investor, was launched by Yinglan Tan, a former Sequoia capital venture partner, in 2017. The VC firm closed its first at $120 million in 2018.

For this year, Singapore-based Insignia is reportedly looking to raise $150 million for a second fund that will focus on Southeast Asia.

Insignia has invested in several other startups in the region, including fintech firm Payfazz, smart lock maker igloohome, car marketplace Carro, and co-working space provider Cocowork.

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