Local B2B platform, Mbiz is targeting to raise US$20 million in a series B round in the second quarter of 2020, the CEO, Rizal Paramarta said on Monday (Feb 24). The provider will use the new funds to invest further in its platform and team. Mbiz is up against local rivals such as Bizzy, which raised US$8 million in a series A round led by Sinar Mas Group in 2018. Other local startup, Bukalapak has also entered the e-procurement market through BukaPengadaan.

Founded in 2015 by Lippo Group, Mbiz offers an integrated e-procurement system to simplify B2B transactions. It now looks to scale its business by forming strategic partnerships with ecommerce-focused companies as well as co-branding initiatives with established brands. Mbiz is the second e-commerce based service from the Lippo Group that previously launched the B2C e-commerce service MatahariMall in September 2015. Even so, the amount of investment spent by the Group for Mbiz was not disclosed.