Indonesia’s B2B e-procurement site Mbiz is currently raising USD 20 million in a Series B funding round, the Daily Social reported. The fresh capital will be used to expand the team and add product offerings. Mbiz is targeting quadruple growth this year and to generate profits in 2021. The company’s last funding was a Series A round in March 2017 from undisclosed investors.
Mbiz is backed by Indonesian conglomerate Lippo Group. It aims to simplify traditional procurement supply chains, in order to improve business productivity and provide visibility into everyday transactions. Mbiz targets mostly large private and state-owned enterprises and offers them features like budget control, expense, and payment reporting, while also letting them purchase goods or services from other companies on the same platform. These comprise things like office supplies, which are needed often and in large quantities.
According to the report, Mbiz CEO Rizal Paramarta wants investors that can give them added value in addition to capital. For example, he hopes to get investment from companies who also have e-commerce services so that they can collaborate to strengthen Mbiz’s business ecosystem.
Mbiz wants to have a “super ecosystem” in the e-procurement B2B segment. The company will continue focusing on the Indonesian market only and collaborate with more strategic partners in fintech, insurance, and logistics, as well as with local small and medium enterprises (SMEs) and government bodies. According to Paramarta, Mbiz’s gross merchandise value grew four times last year. It currently has 4,000 suppliers and 100,000 types of products on its platform.