Eze, a San Francisco, CA-based wholesale marketplace for used and new electronics, has raised $3.7M in Seed funding. The round was led by Right Side Capital Management, with participation from C2 Ventures, Boro Capital, EVPI Investments, and other angel investors.
The company intends to use the funds to develop its technology infrastructure, broaden its product offering and expand into new markets in Africa, Europe, and South America.
Founded by CEO Josh Nzewi, Eze is a B2B wholesale marketplace for smartphones, laptops, tablets, and other electronic devices that connects potential buyers worldwide to products. The convenience that Eze offers is that its customers can pay in local currency.
The biggest challenge that a used goods platform faces is trust and Eze mitigates that by carefully onboarding its sellers through a stringent verification process. It also physically inspects each device purchased before it is shipped to the buyer to ensure integrity.
The startup already has customers in more than 50 countries around the world, including the US, UK, Nigeria, Mexico, Ukraine, and UAE, and has sold more than 500,000 devices, with a defect rate of less than 1%.
The funding round comes at a time of rapid growth for the wholesale electronics market. In the past five years, venture capitalists have invested over $10B in wholesale electronics startups. This investment has led to the development of new platforms and solutions that are helping wholesalers streamline their operations, improve their customer service and expand into new markets.
The growth of the wholesale electronics market is being driven by a number of factors, including the increasing demand for electronics from emerging markets, the rise of e-commerce, and the need for wholesalers to adopt new technologies to stay competitive. As the market continues to evolve, wholesale electronics startups are well-positioned to play a key role in helping wholesalers to meet the needs of their customers and grow their businesses.
Funding Sheet for Eze Enriched by Dealroom.co
| Key People | Funding Amount | Investors |
|---|---|---|
| Josh Nzewi, CEO | $3.7M | Right Side Capital Management, C2 Ventures, Boro Capital, EVPI Investments and other angel investors |
Industry Data and Funding Trends
- In the past five years, venture capitalists have invested over $10B in wholesale electronics startups.
- Wholesale electronics startups are well-positioned to play a key role in helping wholesalers to meet the needs of their customers and grow their businesses.
Competitors of Eze Wholesale
| Company | Funding | Investors |
|---|---|---|
| Gazelle | $100M | Accel, General Catalyst, Thrive Capital |
| Back Market | $550M | CVC Capital Partners, Insight Partners, Tiger Global Management |
| Decluttr | $300M | Octopus Investments, HPE Growth Capital, 83North |
These are just a few of the many wholesale electronics startups that have raised significant funding in recent years. The industry is rapidly growing and there are many opportunities for startups that can provide innovative solutions to the needs of wholesalers.