B2B Procurement Platform Eezee Raises $7.5M in Series A

Eezee, a Singaporean procurement startup, has raised $7.5 million in a Series A round, which will go toward growing its team and developing new B2B online procurement product features.

The Eezee digital procurement platform lets businesses shop and search for products like office stationery, safety equipment and industrial supplies, Manila Standard reported Monday (Sept. 5). Streamlining the procurement process has been touted by the company as a way for businesses to save time and money.

CEO and Founder Logan Tan said in the report that the idea for the company came as a response to how cumbersome it was to order items. It could take “up to two weeks,” and it was a “long-drawn process” involving going back and forth to work out details like availability, the quantity of the items and more.

“I knew there had to be a more convenient, efficient and affordable way to do procurement,” Tan said in the report. “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%. 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.”

The funding round was led by Ayala Corporate Technology Innovation Venture Fund (ACTIVE Fund), one of the top corporate venture capital firms, the report stated. There was also participation from previous investors Insignia Ventures, Wavemaker Partners, January Capital, HH Investments and several business angels.

The news comes nearly a month after Berlin startup CNC24 raised 8.25 million euros (about $8.33 million) in a Series A funding round.

Read more: Precision Parts Procurement Platform CNC24 Raises $8.33M

CNC24 helps small businesses source industrial components from a global supplier network, using a fully digital procurement process.

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