EI Industrial, a Vietnamese industry-focused B2B e-commerce platform, has raised a US$670,000 seed financing led by Cocoon Capital, with participation from Beenext.
The e-commerce firm will channel the funding to build a “faster and more user-friendly” technology platform. Besides, EI Industrial intends to expand its sales, marketing, and technology teams to drive rapid growth.
“We founded EI Industrial with the target to help develop Vietnam’s core industry through technology,” said co-founder and CEO An Phi Ho. “Vietnam has been one of the fastest-growing economies in the world in recent years, and small and medium-sized private businesses are the backbone of the economy.”
Launched in 2020, EI Industrial provides a SaaS e-procurement and warehouse management system (WMS) to help manufacturers and construction businesses manage their purchasing processes. It currently focuses on the MRO (maintenance, repair and operation) and M&E (mechanical and electrical) supply sectors.
The tech company offers purchasing officers a variety of vendors and deals available on a free-to-use platform, allowing them to digitise and maximise customer outreach across Vietnam.
The startup also guarantees an appropriate delivery and payment route for both parties.
“EI Industrial strives to help businesses and vendors improve their productivity and profit margins,” Ho added.
The platform counts Esquel Group, Heineken, Toshiba, Olam, Aqua, Oishi, Wahl, and Central Group among its 500 clients in Vietnam. To serve the mounting demand, it also partners with more than 300 retailers, including Schneider Electric, Bosch, Honeywell, and 3M.
As per a press statement, El Industrial is on the way to accept and open hundreds of online stores for new sellers in 20 existing categories, aiming to gain over US$1 million in stock-keeping units by the end of 2021.
According to Vietnam’s Ministry of Planning and Investment, SMEs make up 98 per cent of all businesses, accounting for 45 per cent of the country’s GDP and 63 per cent of employment.
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Image Credit: EI Industrial
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