EkkBaz, a B2B marketplace with an embedded financing platform for small businesses, is pleased to announce that it has raised USD 500,000 in funding from Haitou Global, KeyStone Capital, Artesian, and Enterprise Singapore, per a press release sent to FS.
The funds will be used to grow the team and expand operations in Bangladesh, Singapore, and Vietnam. B2B marketplace is a valuable resource for small businesses that often face challenges in accessing financing and reaching new customers. EkkBaz's platform addresses these issues by connecting small businesses to suppliers and financing, enabling them to grow and succeed.
Shawn Zong, Managing Director at KeyStone Capital, commented on the investment, saying "The e-commerce market has seen significant growth over the past few years, mainly driven by SMEs. EkkBaz's vision is to revolutionize the FMCG sector and is led by an inspired and motivated leader, and we are proud to invest in teams that shape the future of commerce."
Jerry Wang, CEO at Haitou Global, added "We are excited about our investment in EkkBaz as the E-commerce + BNPL business model is a proven successful model in the SEA market with great potential. We are also proud of how EkkBaz brings greater financial inclusion to Bangladesh."
EkkBaz was founded in 2021 by Enam Chowdhury, an ex-Microsoft and Zobaida Sultana with the goal of providing small businesses with access to affordable financing and a platform to sell their products and services. Both founders have more than 20 years of experience in the supply chain and technology sectors.
The company says it has seen its revenue increase by 46 times this year, and the funding will allow it to continue to grow and serve more businesses in the region. This is their second raise after the previous investment from SOSV in 2021.
"We are thrilled to receive this funding, which will allow us to continue to support small businesses in Bangladesh and Southeast Asia," said EkkBaz Co-Founder and Co-CEO, Enam Chowdhury. "Our platform is making a real difference in the lives of small business owners, and this funding will help us expand our reach and impact even further.”
EkkBaz is dedicated to helping small businesses thrive, and the new funding will allow the company to continue to innovate and serve its customers as it plans to raise USD 2 million next year to expand further. The company is excited to continue its growth and make a positive impact in south Asia.