Samreen Ahmad · · 1 min readVietnamese B2B ecommerce marketplace for industries raises $670k
EI Industrial, a Vietnam-based ecommerce marketplace focused on industrial products, has raised US$670,000 in seed financing.
Team EI Industrial / Photo credit: EI Industrial
The round was led by early-stage venture capital firm Cocoon Capital with participation from Beenext.
Founded in 2020 by Anthony Ho Phi An, EI Industrial aims to accelerate digital procurement in Vietnam. The business-to-business marketplace allows buyers to directly source products online in over 20 categories such as electric tools, hand tools, and industrial chemicals from multiple suppliers and identify the best deals available.
The funds will be used to improve the platform and expand the company’s sales, marketing, and technology teams.
EI Industrial is free to use for all suppliers, empowering them to digitize and maximize their reach to customers across Vietnam. The startup also ensures that there is a proper audit trail for both parties, it said in a statement.
The company serves over 500 customers in Vietnam, including global firms such as the Esquel Group, Heineken, Toshiba, and Olam. It has also onboarded 300 sellers such as Schneider Electric, Bosch, Honeywell, and 3M to meet growing procurement demands. EI Industrial aims to support 1 million stock keeping units by the end of 2021.
Editing by Collin Furtado and Lorenzo Kyle Subido
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