Eezee, a Singapore-based B2B procurement startup, revealed that it has raised $7.5 million in its Series A funding round that will fuel its further expansion in Southeast Asia.
The funding round was led by Ayala Corporate Technology Innovation Venture Fund (ACTIVE Fund), one of Southeast Asia’s top corporate venture capital firms backed by Ayala Corporation and its business units.
Previous investors, Insignia Ventures, Wavemaker Partners, and January Capital, together with new investors, HH Investments, Orange Venture Fund and several business angels, also participated in the round.
Eezee plans to use this funding to grow its team, expand its market share, as well as develop new product features for its B2B online procurement platform.
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. By streamlining the procurement process, businesses save money and time.
Eezee integrates with businesses’ existing Enterprise Resource Planning (ERP) systems (such as Oracle and SAP), ensuring the procurement process is seamless and complies with business operations. Furthermore, suppliers who come onboard the Eezee platform gain access to new customers.
“The idea for Eezee started when I was previously heading procurement in a construction firm. The sector is quite traditional and ordering items was done manually. It could take up to 2 weeks just to order a single item, due to the long-drawn process of sourcing for suppliers, requesting and comparing quotes, as well as going back and forth to iron out details such as availability of items, quantity required and the delivery date,” said Logan Tan, CEO and Founder of Eezee.
It was time-consuming and a hassle, leaving a paper trail of quotations, purchase orders, invoices and delivery orders, he added.
“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, taking approximately 5 minutes per order, with all records automatically tracked online. On average, our customers see an acceleration in their procurement process by some 90%,” Tan said.
Eezee plans to continue its strong growth. The company 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.