Singapore-based procurement start-up Eezee today revealed that it has raised US$7.5 million in its Series A round. This 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, January Capital, HH Investments 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.
“Globally, the B2B MRO market is estimated at US$616 billion and in Asia alone, B2B e-commerce is expected to grow by 12% 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 analyze data and generate intelligent insights for more competitive procurement practices and better buyer supplier transactions,” said Minette Navarrete, President of Kickstart Ventures, a key advisor to 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.”
Building a leading 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. It was time-consuming and a hassle, leaving a paper trail of quotations, purchase orders, invoices and delivery orders,” said Logan Tan, CEO and Founder Eezee.
“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%. Eezee is placing itself at the center of all procurement transactions, creating a win-win for all parties, including the customers, suppliers and ERP systems,” he added.
Since launching in 2018, Eezee has quickly developed into Singapore’s top B2B procurement marketplace. Some impressive statistics that Eezee has achieved over the past few years include:
• Selling more than 130,000 items in over 600 categories from nearly 2,000 suppliers
• Managing over 400 enterprise customer accounts, including notable industry leaders, such as ExxonMobil, Shell, Zuellig Pharma and Resorts World Sentosa
• Capturing at least 75% of its top 5 clients’ wallet share
• In 2021, achieving a 13-fold increase in Gross Merchandise Value (GMV) from the previous year
Next steps for Eezee
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.
“We are currently the #1 procurement platform in Singapore and aim to achieve a similar presence in other Southeast Asia countries. 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.