Bizzy, an online marketplace and e-procurement platform for enterprises, has raised an $8-million pre-Series B funding round led by Sinar Mas Digital Ventures (SMDV), according to two people familiar with the matter.
When contacted by this portal, Bizzy CEO Andrew Mawikere confirmed that the startup has raised a pre-Series B round but refused to comment on the quantum of funding raised or participating investors.
“We just closed our pre-Series B round. It’s very encouraging to see more big enterprises from multiple sectors participating and have a real interest in our success going forward. We are growing our investor base and consciously building them around multi-verticals supporting our businesses: plantation, manufacturing, financial sector, mining, property and hospitality, and technology,” he said in an emailed response.
According to the two industry sources, Bizzy raised its pre-Series B round in two tranches — first in December and then in June.
SMDV is an existing investor in Bizzy. The startup’s other backers include Ardent Capital, which led a $2.5-million round in the Indonesian firm in 2015, and Maloekoe Ventures.
Bizzy, which started out as a B2B e-commerce startup, connects buyers with local vendors supplying 100,000 products and services across 14 categories. In addition, it offers an e-procurement platform, price comparisons, integration with enterprise resource planning systems (ERPs) and delivery services.
The company is working on improving its capabilities in the areas of e-procurement, e-distribution, and e-logistics as to provide an “end-to-end B2B digital transformation”, Mawikere said.
“We see a huge appetite toward B2B across the region. Not only is the size of the addressable market bigger than B2C commerce, but it is also a more lucrative business model (compared to B2C) that makes this sector the next big thing in the startups arena,” he added.
Mawikere joined Bizzy last year after it acquired raw material and parts distributor Alpha, a firm he founded and was the CEO of, for an undisclosed sum. He said there are more acquisitions in the pipeline.
“It’s yet to be announced but we’re executing acquisitions of a logistics and distribution companies to expand our scope to supply chain and ancillary services (beyond currently just in procurement) to jump-start our digital transformation vision to better serve our B2B enterprise and SMB customers.”