Wavemaker, iGlobe Partners invest $2.2m in Singapore B2B ecommerce firm SourceSage

SourceSage, a business-to-business ecommerce company (B2B), has closed its latest round of funding of S$3 million (US$2.2 million).

SourceSage founder Sim Jian Min (fifth from left) and his team in their head office

The new financing is led by Singapore-based venture capital firm iGlobe Partners and supported by Wavemaker Partners, an early-stage venture capital firm with headquarters in Singapore and Los Angeles.

The funds raised from this round are earmarked for SourceSage’s expansion into various areas and for strengthening its key management team, the company said in a statement. It also looks to accelerate its current expansion plans in scaling up its online and enterprise B2B ecommerce platforms.

Managing partner of iGlobe Partners Robert Chew said that SourceSage’s recent contract wins with notable customers are testaments to its ability to address the digital transformation requirements of companies, especially in the new normal.

Established in 2015, the Singapore-based company provides procurement and distribution services for both multinational companies and small and medium-sized enterprises by providing them with their own platform to expand their businesses.

SourceSage initially started off as a commodity trading platform that promoted price transparency in the B2B industry.

“Upon listening to customers and identifying a more profitable segment in the market, SourceSage pivoted to becoming a B2B marketplace and procurement platform business,” said general partner of Wavemaker Partners Gavin Lee.

SourceSage claims to engage more than 7,000 merchants from over 14 countries on their aggregated platforms. They are also equipped with more than 50,000 products.

The ecommerce company’s clients include DBS Bank, DHL, Mitsui & Co., and PricewaterhouseCoopers, among others.

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