Malaysia’s Dropee raises US$1.3M from Y Combinator, others
The story: Malaysian B2B e-procurement platform Dropee, has raised US$1.3 million in funding right after its graduation from Y Combinator’s Winter 2020 batch.
Investors: Y Combinator, Ondine Capital, Vynn Capital, Brama One Ventures, Colopl Next, John Devor (COO of Touchpoint Games), Jason Tsai (Machine Learning Lead of GooglePay), and a number of other angel investors.
Plans with the money: Lennise Ng, CEO and Co-founder of Dropee, said: “With the newly injected capital, we plan to fully assist and automate the on-boarding process for these wholesale businesses.”
What does Dropee do?: Started in 2017, Dropee is a SaaS-enabled marketplace that connects brands with local retailers in Southeast Asia. It is on a mission to help wholesale buyers find the best product and suppliers for their business.
The platform allows retailers to discover, purchase and manage inventories for their store all on a single marketplace platform — and its software tool for suppliers helps businesses to deal with all the pain points of a growing customer database, from ordering to payments. This saves retailers and suppliers time and money, allowing them to focus on what’s most important: building and growing their business.
What are its products?: The company offers two products — 1) Dropee Marketplace: a platform where retailers and business buyers can search and source from new and existing suppliers via a single platform; 2) Dropee Direct: a B2B e-commerce SaaS for wholesalers and brands to bring their offline trading processes online.
As of today, Dropee has helped companies such as British American Tobacco, Petronas, and many others to move their B2B procurement and trading processes online.