Singapore-based e-commerce portal EZBuy, which formerly operated under the trade name of 65Daigou, has closed a $20-million Series B investment led by Shanghai-based private equity fund Vision Knight Capital.
EZBuy, which was set up in 2010, allows users to shop for items available in overseas online stores, which tend to be cheaper and can be easier to find than in domestic stores.
Its platform sources products from China, the US, and Taiwan. By functioning as the intermediary between overseas e-commerce retailers and consumers, EZBuy handles the purchase and logistics of transporting the goods to Singapore.
Co-founder Wendy Liu said, “The funding will help us reach the next level of growth cycle as we aim to make EZbuy the best global shopping site in Southeast Asia. We will also introduce new source markets to our customers, giving them access to global brands at more cost-effective rates.”
According to the firm, it will be using the latest infusion of capital for rebranding, as well as expanding its business operations in Southeast Asia and improvements to its web portal. Currently, EZBuy has a presence in Singapore, Australia, Indonesia, and Thailand.
EZBuy is also launching a new ‘Prime’ service, resembling Amazon Prime, which offers priority shipping for members. EZBuy’s membership scheme grants benefits likes sales, lower fees and an international shipping rate of $2.20 for all items included in its “Prime 2.99” category, regardless of their size and quantity.
According to EZBuy, it has over a million products under this category in its portfolio. To date, it claims to have delivered in excess of 5 million packages to Southeast Asian customers.