B2B eProcurement marketplace Dropee raises US$341K seed funding from Vynn Capital
The B2B eProcurement marketplace from Malaysia, Dropee, has closed a MYR1.4 million (US$341,000) seed funding led by Vynn Capital. Participating in the round is Prasetia Dwidharma.
Dropee has said that the financing will be directed towards market expansion, new product feature release, and hiring.
Dropee sets itself as a one-stop business-to-business (B2B) eProcurement marketplace that connects suppliers with small and medium enterprise (SME) business owners in real time. Using the platform, suppliers and brand owners can streamline the product fulfillment process and facilitate bulk purchases through a suite of enterprise solutions.
Dropee, founded in 2016 by Lennise Ng and Aizat Rahim, offers features such as an automated ordering placements to reduce stocking issues, a digitalized documentation, such as auto-generated purchase documents and cloud storage accessibility, which reduces human error and eliminates inefficiencies. It also has tools to easily compare suppliers, prices, and products all on one single platform, simplifying the decision-making process through greater transparency. Other features revolved around procurement and supply chain ecosystem management.
The goal of the solution is to ease the fulfillment output and deliver great customer experience to attract new customers and increase order volumes. It currently specialises in the Food & Beverage, FMCG, and retail market segments.
“We believe the way to achieve a more meaningful relationship between businesses is by increasing transparency across the supply chain. Our goal is to build an altogether new kind of supply chain network that is both resilient and responsive,” said Lennise Ng, Co-founder and CEO of Dropee.
Currently, Dropee focusses operations in Kuala Lumpur, Penang, and Johor.
“We believe that in the next few years, the supply chain landscape will be completely different. Many companies will leverage their digital supply chain as a competitive advantage and Dropee’s technology is designed to their existing supply chain ecosystem, thus improving their brand value and customer loyalty,” said Aizat Rahim, Co-founder and COO of Dropee.
This year, the company aims to expand the business into neighbouring countries of Indonesia, Thailand, and Vietnam. Previously, it raised financing from undisclosed angel investors and a grant from Cradle Fund.