Peeba, an Asian startup, has developed a B2B wholesale web platform that connects independent shops in Asia with distinctive brands worldwide.
Headline Ventures led a US $4.2 million round of initial investment for the company. On April 7th, 2022, the next round of investment raised the total amount to US $5.8 million.
Peeba intends to quadruple its personnel and expand local offices with the new money to boost local language support throughout 11 Asian nations. According to Lai, the company’s localization effort isn’t just about supporting numerous languages; the approach also entails a better understanding of the demand for new items and categories, which means it will be able to identify viable products and brands accurately.
What the founder has to say:
According to Kevin Cho, co-founder of Peeba, the company will also strengthen its machine learning-driven recommendation engine and improve its proprietary technology for its retailers’ automated credit checks.
Cho explained, “By pooling orders, we digitize new brand discovery, simplify the negotiating and client management process, and streamline logistics and delivery.” “All of this helps improve operating efficiency and reduce expenses for all parties involved.”
Jacky Lai, CEO of Peeba:
“Our goal is to revolutionize how independent retailers discover and engage with distinctive brands while also bringing Asia’s B2B wholesale retail supply chain into the contemporary era. Peeba’s main value proposition is how we help retailers avoid inventory risk by offering a 60-day return policy and ‘sell first, pay later’ strategy. This gives retailers more confidence in promptly adapting to post-pandemic circumstances.
Peeba has a sell first, pay later strategy, which means there is no upfront cost to filling their physical or virtual shelves with products from Peeba. It also established a partnership with Hong Kong-based Choco Up last week to enable retailers on Peeba’s platform to use the “sell first, pay later” payment option.
Another primary expertise, according to Lai, is its lower shipping rates and deeper discounts, which enable worldwide businesses to sample or test their products in an entirely new market.
About Peeba:
Peeba works with international companies from North America, Europe, and Asia to connect them with shops in Hong Kong, Taiwan, Macau, Singapore, Malaysia, Indonesia, Thailand, Australia, Vietnam, South Korea, and Japan.
With over 100,000 products posted on the site, Peeba has onboarded 25,000 retail users, a 10x increase over the previous year, and 1,500 unique brands; a 3x increase from a year earlier.
During the pandemic, Peeba claims that Asia’s outmoded B2B wholesale retail sector was limited by a lack of B2B-focused online wholesale solutions and digital infrastructure, which hampered business growth and new market entry. Through its platform, the Hong Kong-based business hopes to assist Asia-based B2B retailers in reducing inventory risk and increasing operational efficiency while lowering expenses.
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