Singapore-based procurement start-up Eezee revealed Monday that it has raised $7.5 million in its Series A round.

The 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, Eezee said in a statement.

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.

According to the statement, Eezee plans to use this funding to grow its team, expand its market share, as well as develop new product features for its business to business (B2B) online procurement platform.

The firm which plans to continue its strong growth, 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 team.

“We are currently the #1 procurement platform in Singapore and aim to achieve a similar presence in other Southeast Asia countries, with particular focus on Indonesia, Malaysia and the Philippines over the next year,

“We shall also be using our Series A funding to develop new product features for our Eezee B2B e-commerce platform. When launched, these new features will allow us to improve the customer experience, strengthen supplier loyalty and extend our reach to better serve enterprises in new markets,” said Logan Tan, Chief Executive Officer and Founder Eezee.

Launched in 2018, Eezee is a B2B digital procurement platform that aims to make it quicker, more convenient and affordable for businesses to get the supplies they need.

In Singapore, the firm is the first and biggest one-stop marketplace for industrial goods and supplies, covering a wide range of sectors, including energy, oil and gas, aerospace, and manufacturing.

According to Tan, by using Eezee, businesses can source and place orders with just a few clicks of a button, taking approximately five minutes per order, with all records automatically tracked online.

“On average, our customers see an acceleration in their procurement process by some 90 percent. Eezee is placing itself at the centre of all procurement transactions, creating a win-win for all parties, including the customers, suppliers and enterprise resource planning (ERP) systems,” he added.

Over the past few years the firm sold more than 130,000 items in over 600 categories from nearly 2,000 suppliers. It also managed over 400 enterprise customer accounts, including notable industry leaders, such as ExxonMobil, Shell, Zuellig Pharma and Resorts World Sentosa.

The firm has also captured at least 75 percent of its top five clients’ wallet share. In 2021, it achieved a five-fold increase in gross merchandise value (GMV) from the previous year.

“Globally, the B2B maintenance, repair and operations (MRO) market is estimated at $616 billion and in Asia alone, B2B e-commerce is expected to grow by 12 percent annually. The digitalisation of procurement has ramped up in recent years, due to its significant cost-savings and simplification of a previously manual and inefficient process,

“Not only does digitalisation result in greater efficiencies, it also allows both buyers and sellers to analyse data and generate intelligent insights for more competitive procurement practices and better buyer-supplier transactions,” said Minette Navarrete, President of Kickstart Ventures, which advises the ACTIVE Fund.

“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,” he added.

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