Investors have pumped funds into a Southeast Asia startup that offers an online marketplace for the B2B world, reports said Monday (July 6).
Backers offered up $2.5 million in funding to Indonesia-based Bizzy, an online B2B eCommerce portal, allowing the startup to formally launch. The investment, which allows Bizzy to set its sights on a wider geographical market, was led by Thailand-based Ardent Capital.
Bizzy was started by Peter Goldworthy, the firm’s current CEO, who developed the platform after encountering a frustrating procurement process. “In particular,” he said in a recent interview, “I felt the entire process of sourcing, approval and shipping could easily be improved upon.”
The venture facilitates corporate buyers’ crossdocking, meaning businesses can streamline multiple orders from multiple suppliers and vendors. According to reports, Bizzy allows merchants to move their procurement activities online to streamline their logistics.
“Merchants were struggling to meet the needs of businesses,” Goldworthy said. “What we were seeing was that the way businesses shop was much more complex than how an individual would and this was causing problems at both ends of the transaction.”
The CEO added that since its inception, Bizzy has seen more than 300 percent growth in just the last few months. It ships to all provinces in Indonesia and offers office supplies, electronics and other services for the enterprise.
The platform now works with more than 45 businesses in the public and private sectors. According to Goldworthy, the platform is expected to grow even further thanks to high demand for such services and a lack of competition in the market.
For Ardent Capital, Bizzy is an opportunity to invest in one of the few and first B2B servicer startups in Indonesia. Ardent Capital CEO Adrian Vanzyl told reporters that compared to other Southeast Asian nations – Korea, for example, has seen 91 percent penetration of B2B eCommerce – just 11 percent of all startups in Indonesia focus on the B2B industry.
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