Malaysian B2B online marketplace Dropee today announced that it has won a MYR500,000 (US$122,000) grant under the Skim Permulaan Usahawan Bumiputera (SUPERB) programme offered by Unit Peneraju Agenda Bumiputera (TERAJU). The grant is managed by Perbadanan Usahawan Nasional Berhad (PUNB).
The startup plans to use the new funding to support user acquisition efforts; it aims to grow the number of small and medium-sized retailers on its platform from 300 to at least 1,000 by mid-2018.
It is also focussing on talent acquisition effort, with focus on marketing and tech development.
“2017 has been a busy year for us. Aside from raising funds, we have also been working hard improving our online system which include a recent launch of the full release of our marketplace. We’ve also introduced a new web interface meant to improve the way retailers can discover products, for suppliers to launch targeted promotional campaigns and for other benefits. We have no plan to slow down going into 2018,” said Dropee COO Aizat Rahim in a press statement.
As a B2B marketplace, Dropee connects suppliers and retailers on a single platform. It enables retailers to source products directly from wholesalers, manufacturers, and principals in a “faster, cheaper, and reliable way.”
The platform aims to help suppliers and retailers digitise sales orders, track inventories and fulfillment of goods, as perform real-time analytical reports.
It focusses on consumer packaged goods (CPG) and claimed to have on-boarded “over” 200 brands such as 100Plus, Anakku, Cadbury, F&N and Red Bull.
Prior to the grant, Dropee raised a MYR300,000 (US$73,000) angel investment round in January and another MYR150,000 (US$36,000) grant from CIP 150 by Cradle in March.
Co-founded by Lennise Ng Zhee Ching and Aizat Rahim in 2016, the startup was a finalist at the Malaysia Rice Bowl Startup Awards, first runner-up at the Seedstars Malaysia 2016, and named in e27 Asia Top 100 Startups.
Image Credit: Dropee