Singapore B2B marketplace Eezee gets seed funding from Insignia Ventures

Singapore-based Eezee, an online business-to-business marketplace for industrial hardware and supplies, raised an undisclosed amount of seed funding from Insignia Ventures Partners to extend its platform overseas.

The Eezee team / Photo credit: Eezee

Established in 2017, the Enterprise Singapore-backed startup helps businesses make small-value industrial supply purchases, such as safety gloves and helmets, without drawn-out procurement processes. Using the platform allows companies to integrate its business transactions into its internal records, eliminating the hassle of paper documentation.

Eezee also has buyer and supplier tools aimed at making firms more efficient by digitizing their supply chain processes. Through these tools, corporate customers can automatically match their purchase requirements to suppliers on the platform.

The company plans to use the new funds to bankroll its expansion in Asia, as it focuses on acquiring corporate customers beyond the city-state. It’s 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 Ventures will also help the startup build connections outside of Singapore.

One player in the region is Indonesia-based Ralali, which is also a B2B ecommerce portal focused on MRO items. It raised US$7 million in series B funding late last year to accelerate its regional expansion plans and build out its microlending business.

Earlier this year, it secured US$13 million in a series C round to further develop its technology and grow its team.