DIGITAL procurement platform Eezee has raised US$7.5 million in funding led by Ayala Corporate Technology Innovation Venture Fund (Active Fund), a venture capital firm backed by Philippine conglomerate Ayala.
The Series A round included participation from returning investors Insignia Ventures, Wavemaker Partners and January Capital. New investors such as HH Investments and Orange Venture Fund also participated in the round.
Eezee in its press statement on Monday (Sep 5) said it plans to use the fresh funding to grow its team, expand its market share and develop new product features for its business-to-business (B2B) online procurement 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 the company’s co-founder and chief executive Logan Tan.
The Singapore-based procurement startup further intends to double its headcount from its current team of 60 with plans to grow its platform in Indonesia, Malaysia and the Philippines.
Since Eezee was launched in 2018, its platform has sold over 130,000 items from nearly 2,000 suppliers.
The company said its 2021 gross merchandise value increased 5 times from the previous year. It presently manages over 400 enterprise customer accounts including ExxonMobil, Shell, Zuellig Pharma and Resorts World Sentosa.
Eezee’s digital procurement platform integrates with businesses’ existing enterprise resource planning systems – such as Oracle and SAP – to allow businesses to search and shop online for products such as safety equipment and industrial supplies.
Tan estimates that the company’s customers have seen an acceleration in their procurement process by some 90 per cent by using the platform.
Noting a ramp-up of procurement digitization in recent years, Kickstart Ventures president Minette Navarrete highlighted Eezee’s role in creating significant cost-savings and simplifying the process of traditional procurement – which she deems “previously manual and inefficient”.
Kickstart Ventures advises Active Fund.
“Not only does digitalization result in greater efficiencies, but 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 Navarrete.