Established in 2017, the startup connects local suppliers to corporate clients and helps businesses make small-value industrial supply purchases without drawn-out procurement processes.
The company offers an online marketplace that consolidates a wide range of brands and products as well as provides a secure platform for buyers and sellers to transact - this allows companies to integrate its business transactions into its internal records.
“We have seen many startups attempt to plug the gap in building a marketplace for businesses. Eezee stands out in its ability to offer solutions for enterprises that boost productivity and save costs. The company’s financial track record is a testament to their product-market fit,” said Pinn Lawjindakul, Principal, Insignia Ventures Partners.
The company plans to use the new funds to bankroll its expansion in Asia, as the team focuses on acquiring corporate customers beyond Singapore.
The startup is looking to become the first marketplace in Southeast Asia to support convenient and seamless business trade in the maintenance, repair, and operations (MRO) industry, according to a statement.
“Cross-border trade is quite tricky. When you are looking to purchase supplies from another country, you are dealing with suppliers that you are unfamiliar with and are unsure of who to trust. We are building the first accredited database of suppliers in Southeast Asia, so that there is greater transparency when it comes to trade,” said Eezee co-founder Logan Tan.
In addition to the investment, Insignia will also support the Eezee team in building connections outside of Singapore and providing strategic counsel on various business, operations and marketing decisions.
Venture capitalists are masters of investment and run the game on what makes a sound business decision and what looks too risky. They’ve built careers off of detailing the key factors necessary to make these decisions, regularly.