Singapore’s e-commerce platform Ezbuy has raised a $17.6 million pre-Series C round from investors including IDG Ventures, Ventech, Sky9 Capital, Vision Knight Capital and China Growth Capital.
According to a company announcement, the funding will be used to enhance localised services and product offerings as well as market expansion within and beyond Southeast Asia.
“The investment will enable us to continue strengthening our core verticals and pave the way to achieve this objective faster,” said Ezbuy co-founder and CEO He Jian.
In an email interaction with DEALSTREETASIA, he said Ezbuy is currently in discussion with several partners and in the midst of chalking up expansion plans into other markets outside of Southeast Asia.
For its upcoming Series C that Ezbuy aims to close by this year, he said the company will seek to rope in new and existing investors, including those who have participated in the pre-Series C round.
“We currently have presence in four countries, specifically Singapore, Malaysia, Indonesia and Thailand. We have also expanded our marketplace to offer consumers products [locally, as well as] from China, US, South Korea and Taiwan,” he said.
Ezbuy claims to be the largest global shopping platform in Singapore, with more than 3 million customers from Singapore, Malaysia, Indonesia and Thailand.
“Our [user base] year-on-year growth is two times,” added He.
Founded in 2010, Ezbuy last raised a $20 million Series B back in early 2016 led by Shanghai-based private equity fund Vision Knight Capital.