Vietnamese startup EI Industrial has raised $670,000 in seed financing round led by early-stage venture capital firm Cocoon Capital with participation from BEENEXT.
Launched in September 2020, EI Industrial is the first industrial-focused B2B marketplace in Vietnam that aims to accelerate digital procurement in Vietnam.
It has become one of the top 100 companies with the fastest traffic growth internet in Vietnam, according to beststartup.asia. Vietnam is one of the fastest-growing economies in the World in recent years, and SMEs are the backbone of the economy.
“EI Industrial now supports businesses and sellers in improving both their productivity and profit margins,” said Anthony Ho Phi An, Founder & CEO of EI Industrial.
With eiindustrial.com, purchasers can now easily source from multiple suppliers and identify the best deals available. The platform is free to use for all suppliers, empowering them to digitise and maximise their reach to customers across Vietnam.
“The market has been waiting for such a solution with Vietnam’s rapid development and EI Industrial addresses a clear need,” said Michael Blakey, Managing Partner at Cocoon Capital.
Cocoon Capital is a Singapore-based venture capital firm focusing on early-stage, enterprise tech companies across Southeast Asia with assets under management of more than SGD70 million.
BEENEXT is a Venture Capital fund managed by serial entrepreneurs that focuses on assisting founders with their operational experience, network, trust, unique perspectives, and capital. It invests in early-stage tech start-ups that are focused on building the new digital platforms driven by the data network.
EI Industrial currently serves over 500 customers in Vietnam, including global companies such as the Esquel Group, Heineken, Toshiba, Olam, Aqua, Oishi, Wahl, and Central Group.
It also works with over 300 sellers to meet the growing procurement demands, including Schneider Electric, Bosch, Honeywell and 3M. The company is onboarding hundreds of new sellers for the 20 categories listed on its marketplace and aims to support one million SKUs by the end of 2021.