Malaysia-based B2B wholesale e-commerce startup Dropee has completed a US$7 million Series A round in equity and debt financing.
The round was led by Vynn Capital, which invested US$341,000 in Dropee in a seed round three years ago and later joined the startup’s US$1.3 million Y Combinator-led round in 2020.
Returning backer Brama One Ventures also joined, alongside new investors including HCL Capital, Resolution Ventures (a VC that focuses on fintech companies in Southeast Asia), and LKF Capital (corporate VC arm of Lan Kwai Fong Group), among others.
The proceeds will be used to expedite Dropee’s financing product offerings for wholesalers and retailers over the next 12 months by working with strategic partners, including regional banks and non-banking financial institutions.
“We’re doubling down on helping micro and small local businesses to adopt digital solutions. This way, they can bring down their operating costs, have more access to financing support and increase their business longevity,” said Lennise Ng, Co-Founder and CEO of Dropee.
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Founded in 2016 by Lennise Ng and Aizat Rahim, Dropee offers brand owners and wholesalers a one-stop solution, including O2O B2B order management, automated payment collection from customers, and hassle-free paperwork processes.
It also has tools to compare suppliers, prices, and products easily, all on one platform, simplifying the decision-making process through greater transparency. Other features revolved around procurement and supply chain ecosystem management.
On top of its SaaS and marketplace businesses, Dropee has also expanded its product line to support loan and financing deployment.
So far, Dropee has made inroads into Singapore and Indonesia, besides Malaysia. It claims to have supported over 80,000 SME businesses to procure wholesale inventories in its marketplace, annually totalling more than US$100 million in transaction value.
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Image Credit: Dropee
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