B2B marketplace startup Eezee raises pre-Series A round led by Wavemaker

SINGAPORE-BASED Eezee, which built an online marketplace for businesses to compare suppliers and order products online, has raised an undisclosed pre-Series A round led by Wavemaker Partners. 

Other investors include January Capital and Pags Group, the family office of Bain Capital’s Stephen Pagliuca. Existing investor Insignia Ventures also participated in the round. Eezee also obtained an undisclosed debt facility from Polaris, the strategic partnerships arm of Goldbell Financial Services, it said in a statement on Monday.

Fresh funds will be used to “double down” on efforts to digitalise procurement for multinational corporations and government institutions in Singapore, the company added. Its website lists companies such as Shell, Chevron, ExxonMobil, Resorts World Sentosa and Zuellig Pharma as its clients.

Chief executive and co-founder Logan Tan told The Business Times that the startup is now planning to set up shop in the Philippines and Indonesia, and is looking for a first hire within each country to spearhead its expansion. He added that the company has doubled its headcount since its fundraise to 32 staff, and is currently focused on bolstering its business development team. 

Founded in 2017, Eezee aims to be like an “Amazon for businesses”, said Mr Tan. Its platform allows businesses to shop online for their procurement needs, streamlining purchases for items ranging from simple office stationery and safety equipment to complex industrial supplies. 

But why would businesses need a platform like Eezee? Mr Tan explained that at an enterprise level, current procurement processes tend to be opaque, complex and cumbersome. “Back-end processes - from faxing quotes to filling up order forms - are sometimes painfully manual. Often, it can take up to two weeks for businesses just to place an order with a supplier,” he said.

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Procurement is a complex process, Mr Tan noted. “These manual processes require large procurement teams, which can cost organisations millions of dollars annually. On the other side, traditional sellers face long sales cycles and low customer loyalty in an increasing digital world.”

Eezee hopes to simplify this process. Its platform, Mr Tan said, could allow businesses to search for and place orders in an average of five minutes - much like shopping online.  The platform can also integrate with common enterprise resource planning (ERP) systems in companies, such as SAP Ariba, Oracle and Coupa, enabling businesses to remain compliant with governance objectives in an accelerated manner, he added.

Wavemaker Partners managing partner Paul Santos said: “Eezee integrates with the enterprise buyers’ ERP systems while providing access to products from over 1,000 specialised suppliers. They’ve signed up an impressive list of multinational clients across industries including oil and gas, defence and aerospace.” 

2020 was also a landmark year in helping suppliers digitalise, said Mr Tan. It partnered Shell to digitalise its procurement process, which saw the oil and gas giant save 20 per cent in costs. Eezee also spearheaded an initiative between Singapore and Shenzhen to support four million businesses to gain mutual access to new markets. 

This year, the company secured a contract to help the Singapore government digitalise procurement. This contract enables about 400,000 civil servants to procure items directly from Eezee’s platform, and public officers are expected to save more than 100,000 man-days per year, said the startup.

Eezee’s chief commercial officer Shawn Seet said that international buyers use Eezee as it provides an “unparalleled procurement experience”, and suppliers come on board as they can “reach customers they could never serve”. 

“Eezee is not just a marketplace - we’re an ecosystem. The potential of this connectivity is limitless,” Mr Seet said.