Eezee, a Southeast Asia-based procurement platform that helps companies manage small and routine business purchases, has raised $5 million in a pre-Series B funding round. The round was led by Korea Investment Partners Southeast Asia.
Existing investors Kickstart Ventures and Wavemaker Ventures also took part in the round.
Several strategic investors joined as well, and the funding round was oversubscribed, meaning there was more investor interest than the company expected.
Eezee will use the new funding to expand further across Southeast Asia and invest more in its AI-powered procurement tools, RFQBot and ProcureFlow.
The company has now launched its services in Thailand. It already operates in Malaysia, Singapore, Indonesia, and the Philippines.
Its AI tools help automate and improve company purchasing processes, especially for small and routine purchases that are usually handled manually.
With its platform, businesses can reduce procurement time from days to minutes and save 20% or more on costs.
“Procurement remains one of the largest yet least optimised enterprise functions globally,” said Shane Ang, VP at Korea Investment Partners Southeast Asia. “Eezee has demonstrated strong execution and disciplined growth in a challenging and fragmented region. We believe its formidable combination of talent, data, and execution capabilities positions the company well in redefining how enterprises manage tail-end spend across Southeast Asia.”
“With this latest round, we’re seeing a more mature market, increased inbound demand and significantly less education required around Eezee’s offering,” said Logan Tan, CEO and Co-founder of Eezee.
In 2022, Eezee raised $6.2 million in a Series A1 funding round led by Philippines-based AG Active Fund I.
Before that, the B2B marketplace had raised $7.5 million in the first part of its Series A round, with Active Fund as the main investor.
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