need2buy

Need2Buy is a B2B online marketplace founded in 1999, providing a distributor-neutral platform for electronic components. The company's slogan "Empowering OEM buyers and sellers in the electronic components market with a distributor-neutral, scalable, and efficient online marketplace" reflects its commitment to revolutionizing the traditionally inefficient electronic components supply chain. The platform allows OEM buyers to post Requests for Quotations (RFQs) and employs a proprietary expert system to gather competitive bids from multiple qualified distributors and component manufacturers. This approach enables buyers to optimize their purchasing decisions while allowing sellers to broaden their market reach and reduce customer acquisition costs. A recent Series B investment of $43.00M was secured on 19 July 2000, with participation from Star Ventures, Baker Capital, JUMP Investors, Shelter Capital Partners, TMCT Ventures, and Mitsubishi Chemical Corporation. This funding is a testament to the confidence these prominent investors have in Need2Buy's potential to disrupt the electronic components market. Operating within the industries of B2B, E-Commerce, and Marketplaces, Need2Buy's innovative approach not only enhances the efficiency of electronic components procurement but also allows for the upload and search of excess inventory, ensuring optimal pricing strategies for participants. This platform has the potential to address longstanding inefficiencies within the electronic components market, making it an intriguing investment opportunity for venture capitalists seeking disruptive innovations within the B2B and e-commerce sectors.