24.7 C
Saturday, February 4, 2023
HomeAsiaPeeba raises $4.2M to digitize Asia’s B2B wholesale market   – TechCrunch

Peeba raises $4.2M to digitize Asia’s B2B wholesale market   – TechCrunch

For the past two years, the blockade of pandemics has forced Asian retailers to hold virtual conferences instead of going directly to trade fairs and conferences to procure new brands and products.Startup called Piva Has built a B2B wholesale online platform that connects independent retailers across Asia with unique brands around the world.

Peeba states that the lack of B2B-focused online wholesale solutions and technology infrastructure has hampered Asia’s outdated B2B retail, wholesale markets for business growth, and new market entry during the pandemic. Headquartered in Hong Kong, the company wants to help Asian-based B2B retailers mitigate inventory risk and deliver higher operational efficiencies at lower costs through the platform.

The startup has secured $ 4.2 million in seed funding led by Headline Ventures. The new funding round will bring the total to $ 5.8 million.

Jackie Ray, CEO of Peeba, who has been involved in technology and supply chain management for over a decade, told TechCrunch that he was having a hard time finding new sales channels and partners, especially in Asia. According to Peeba, brands seeking growth in Asia have higher barriers to entry and expansion due to their broader language, currency, regulatory environment, and regional business practices.

With the latest funding, Peeva will double its workforce, expand its local offices and improve local language support in 11 Asian countries. According to Lai, localization efforts aren’t just focused on supporting multiple languages. Peeba’s localization strategy involves a better understanding of the demand for new products and categories. This means you can pinpoint potential products and brands.

Kevin Cho, co-founder of Peeba, said the company will also enhance its machine learning-led recommendation engine and improve its proprietary technology for retailers’ automated credit checks.

“When it comes to SMB onboarding, our process involves leveraging unique credit risk technology to assess future retailer eligibility,” Lai told TechCrunch.

One of Peeba’s unique features is that Peeba uses a “sell first, pay later” model, so there is no upfront investment to stock Peeba’s inventory on physical or virtual shelves. That is.Last week, Peeba announced a partnership with a Hong Kong-based partnership. Chocolate up Enable Sell Frist, PayLater payment options for retailers on Peeba’s platform.

“We streamline logistics and shipping by digitizing new brand discoveries, automating negotiation and client management processes, and pooling orders,” says Cho. “All this helps improve operational efficiency and reduce costs for all stakeholders.”

According to Lai, another key area of ​​expertise is competitive shipping and significant discounts, allowing global brands to try or test their products in entirely new markets.

Peeba works with global brands such as North America, Europe and Asia to help connect with retailers across Asia in Hong Kong, Taiwan, Macau, Singapore, Malaysia, Indonesia, Thailand, Australia, Vietnam, South Korea and Japan. increase.

Peeba has adopted 25,000 retail users, which is 10 times the growth of last year, and 1,500 unique brands (3 times the year-on-year growth), including more than 100,000 products listed on the platform. Lai told TechCrunch that the retailers participating in the platform range from small and medium-sized enterprises (SMBs) to large retailers with hundreds of physical stores. DFS Singapore, Slowood in Hong Kong and Male in Taiwan are one of the well-known retailers ordering through Piva, and brands include South Korea’s Memebox, Skin 1004 and Leaders Cosmetics.

“Our mission is to transform the way independent retailers discover and connect their own brands, bringing the Asian B2B wholesale and retail supply chain to the present day,” said Jackie Ray, CEO of Peeba. Says. “Peeba’s main added value is how to reduce retailers’ inventory risk through a 60-day return policy and a“ sell first, pay later ”model. This allows retailers to adapt confidently and quickly to the post-pandemic reality. ”

“Peeba is taking the next step in global retail innovation. This platform will bring both emerging and traditional brands to the local retail world in Asia. Become a partner in Piva and more in Asia. We are pleased to be able to expand our reach to the market, “said Akio Tanaka, Headline VC Partner and Co-Founder.



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments