Lapasar, a Malaysia-based B2B marketplace with integrated procurement tools, has raised $500,000 in seed funding led by SeedPlus, a Singapore-based venture capital firm supported by Jungle Ventures, IFC, SGInnovate.
Angel investors from NEXEA, a Kuala Lumpur-based angel-VC investment firm, also participated in the round, according to an announcement.
Lapasar will use the funds raised to support product development to further automate ordering and Request for Quotation (RFQ) processes, besides supporting its business development activities.
Lapasar is a marketplace that connects corporates to suppliers of products and services across Malaysia. The company aims at bringing the B2C simplicity and efficiency into the corporate environment while strengthening its procurement governance.
The company claims that it has already a database of over 10,000 suppliers of products and services from all over Malaysia. Its clients include Malaysia Airports Holding Berhad (MAHB), Telekom Malaysia, and Tenaga Nasional Berhad.
SeedPlus is a Singapore-based venture capital firm that invests in emerging businesses across Asia, leading pre-series A rounds. The firm is supported by Jungle Ventures, and count Cisco, IFC, SGInnovate, Accel Partners, RNT Associates and Eight Roads as investors.
NEXEA is a venture capital and startup accelerator firm that supports and funds technology companies that would potentially be the next big thing. It was founded on the premise of helping tomorrow’s tech leaders in solving real world problems, changing the market landscape, and crafting a successful business.