Eezee, a Singapore-based online business-to-business marketplace for industrial hardware and supplies, has raised an undisclosed sum in seed funding from Insignia Ventures Partners to extend its platform overseas, according to an announcement.
Established in 2017, the startup connects local suppliers to corporate clients, leveraging technology to help both parties make informed decisions. The company offers a secure platform for buyers and sellers to transact.
The investment will go towards Eezee’s business expansion in Asia as the team focuses on acquiring corporate customers beyond Singapore.
The Enterprise Singapore-backed startup is 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.
Eezee claims that it has acquired over 5,000 business accounts in Singapore. It has also listed 600 distributors, suppliers, wholesalers on the platform with over 70,000 SKUs. The startup earlier received a six-figure grant from Enterprise Singapore.
“We have seen many startups attempt to plug the gap in building a marketplace for businesses. Eezee stands out in its ability to offer solutions for enterprises that boost productivity and save costs. The company’s financial track record is a testament to their product-market fit,” said Pinn Lawjindakul, Principal, Insignia Ventures Partners.
Beyond the investment, Insignia Ventures Partners will support the Eezee team in building connections beyond Singapore and providing strategic counsel on various business, operations, and marketing decisions.
Launched in 2017 by former Sequoia Capital venture partner Yinglan Tan, Insignia Ventures closed its debut fund at $120 million last year. Pavilion Capital, a subsidiary of Singapore’s state investor Temasek Holdings, was an anchor investor in its first fund.
We have recently reported that Insignia Ventures Partners is raising a $150-million second fund focused on Southeast Asia.
The firm sees Indonesia, Vietnam and the Philippines as its three key markets and it is bullish on healthcare and education investments.