Eze, a B2B marketplace connecting global electronic wholesalers to trade devices in large quantities with real-time market data, has raised $3.7 million in an oversubscribed seed round.
The startup, founded by Joshua Nzewi and David Iya in 2020, connects distributors and retail stores of used smartphones, mostly iPhones, and other electronics including laptops and tablets with electronics suppliers, offering access to an extensive inventory from over a hundred wholesalers and manufacturers. Eze aims to formalize trade in the B2B space, replacing inefficient means such as WhatsApp and WeChat, which result in poor distribution, numerous unneeded middlemen, pricing fragmentation, zero quality control, and rampant fraud, with a platform that provides standardized grading processes to check originality and functionality, a 30-day warranty, and a return rate of less than 2%.
The used gadgets sold on Eze go through a standardized grading process to check originality and functionality.
Eze claims to provide real-time market prices and eliminate transaction risk by acting as an intermediary offering competitive pricing, global payment support, net payment financing, and automated logistics. The company partners with FedEx for logistics in the U.S., Europe, and Southeast Asia while using third-party logistics services across its Latin American and African markets.
Eze also introduced a fintech play that will act as a new revenue stream to complement the transaction margins. Dubbed Eze Capital and launched in partnership with banks and merchant financing companies, it will allow businesses to fund their purchases or finance their finance inventory, receivables, and operations.
Eze’s seed round included backers such as Y Combinator, Right Side Capital, C2 Ventures, Boro Capital, EVPI Investments, Itochu, Jack Greco, and other angel investors.
The startup has facilitated the sale of over 500,000 devices since it launched in early 2021.
Source: Techcrunch
