Indonesian e-procurement startup Mbiz raises a US$20M Series B funding
Indonesia-based B2B-targeted e-procurement platform Mbiz has raised US$20 million in Series B funding.
This follows a Series A investment from Tokyo Century Corporation in 2017.
According to a DailySocial report, the funding will be used to focus on in-country expansion for the next two years to increase e-procurement awareness in Indonesia, as well as for platform improvement and team hiring.
The Series B funding, according to Mbiz CEO Rizal Paramarta, is still ongoing and is open for more investors. Specifically, Paramarta said that the company hopes to collaborate with fellow e-commerce ecosystem providers or with brands with a high awareness level.
Mbiz provides a B2B Commerce service with an e-procurement digitalisation system, automating a time-consuming process like tax cut reports, bookkeeping, and others.
In Indonesia, Mbiz’s head-to-head competitions are Bhinneka Bisnis and Bizzy, along with Bukalapak that has begun to address B2B segments by providing e-procurement BukaPengadaan.