The company expects to finalise the round in the second quarter of 2020, according to sources inside the company. Mbiz will use the new funds to invest further in its platform and team, Rizal Paramarta, the company’s CEO, said.
The funding plan comes three years after it secured an undisclosed amount of series A money in 2017. Founded in 2015, Mbiz offers an integrated e-procurement system to simplify B2B transactions. It now looks to scale its business by forming strategic partnerships with ecommerce-focused companies as well as co-branding initiatives with established brands.
Mbiz is up against local rivals such as Bizzy, which raised USD 8 million in a series A round led by Sinar Mas Group in 2018. Bukalapak has also entered the e-procurement market through BukaPengadaan.
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