Business-to-business platform, Bizongo, has closed its Series C round of funding at $51 million, raised as a mix of equity and debt. The latest tranche of Series C investment round was led by CDC Group, the UK government’s development finance institution, and Addventures. Bizongo had raised close to $26 million in January 2020, from Bruno Raschle and Schroder Adveq, as a part of its then-ongoing series C round.
As a part of the current fundraising, the company has picked up $15 million in debt, from Trifecta Capital, Strides, IDFC First Bank, and TradeCred. Bizongo plans to use the funds to extend its online services to new domains such as textiles, apparel and is looking to expand its product offerings in Southeast Asia.
The solves is about six-year-old and helps people tackle supply chain issues and gaps, it also helps B2B customers gain easy access to packaging materials such as containers, boxes, bags, and pouches, directly from the manufacturer.
It offers two product lines— Procure Live, which is its proprietary vendor management platform, and Partner Hub, which is a supply chain automation and digitization product. Through these solutions, the start-up claims to offer its business customers better control of their supply chain. In addition to this, Bizongo also helps SMEs partner in the domain of Textiles, manufacturing packaging, and apparel by providing access to working capital, through its present partnership with more than 10 financial institutions.
Bizongo had raised close to $22 million as a part of its series B financing, back in 2018, from Eduardo Saverin’s, Facebook co-founder. Its existing investors IDG Ventures and Accel Partners had also participated in this round of funding. The ongoing Covid-19 pandemic has brought focus on start-ups trying to digitize supply chain operations and improve productivity for brands.