ezbuy_funding_news

Singapore-based e-commerce platform ezbuy today announced that it has raised a total of US$17.6 million in pre-Series C funding round co-led by venture capital firms that include IDG, Ventech, Sky9, VKC and CGC.

The funding round followed a US$20 million Series B funding round the company has raised in March 2016. Both IDG and CGC had also participated in this funding round. Initially launched as 65daigou, the funding round came together with the company’s rebranding to ezbuy.

The company plans to use the new funding to support product development by providing “quicker and more reliable” modes of
localized services and “further enhance” its product offerings to customers.

It also plans to use the new funding to support expansion plans in the Southeast Asian region as well as beyond.

“The pre-Series C funding cements ezbuy’s position as the leading e-commerce platform in Asia,” said ezbuy Co-founder and CEO He Jian.

Also Read: 7 out of 10 top e-commerce players in Singapore are local, study finds

“Our core mission since the start has always been to provide customers with the convenient access to shop for their favourite products from all over the world. The investment will enable us to continue strengthening our core verticals and pave the way to achieve this objective faster,” he added.

Founded in 2010, ezbuy is considered as one of the pioneers of e-commerce in Singapore.

The platform offers a global marketplace for local customers to shop for products from countries such as China, the US, South Korea, and Taiwan.

It claimed to have more than three million customers from Singapore, Malaysia, Indonesia and Thailand.

In 2017, ezbuy was involved in a controversy when He Jian penned an open letter to Alibaba’s Jack Ma following the closure of 300 Taobao accounts affiliated with ezbuy.

According to a Straits Times report, the dispute ended with ezbuy cutting its ties with Taobao.