Tuesday, June 25, 2024
Outlook.com
Outlook India
Outlook Business

Venwiz Raises $8.3 Million In Funding Round Led By Sorin Investments

Venwiz is a SaaS-enabled marketplace in the capex and MRO (Maintenance, repair and operations) services domain

Venwiz Raises $8.3 Million In Funding Round Led By Sorin Investments

Press Trust Of India

POSTED ON February 15, 2023 1:45 PM

Software-as-a-services company Venwiz on Wednesday said it has raised $8.3 million (about Rs 69 crore) in a funding round led by Sorin Investments.

Accel, Nexus Venture Partners, JAFCO Asia, Riverwalk Holdings, Force Ventures along with angel investors like Sanjeev Rangrass (ex-CEO ITC Agri-Business), Anshuman Sinha (Partner, AT Kearney), Prabhav Kashyap (Partner, Bain & Co) also participated in the funding round.

"The company has earlier raised $3 million in seed funding, bringing the total capital raised to $11.3 million. The funds will be used for product enhancement and team expansion," Venwiz said in a statement.

Venwiz is a SaaS-enabled marketplace in the capex and MRO (Maintenance, Repair and Operations) services domain. It specialises in digitising capex and industrial services procurement with a focus on the manufacturing industry.

"Venwiz is addressing a huge white space in the manufacturing segment of different industries - procurement of industrial services for capex and MRO needs. The strong adoption of the Venwiz platform from enterprise clients and vendors demonstrates the need for such a solution," Sorin Investments, Partner, Mandar Dandekar, said.

Nexus Venture Partner, Managing Director, Sameer Brij Verma said Venwiz has displayed growth and the potential to address the white space in capex procurement which is evident from the backing of the investors from its seed-stage funding.

"We are excited to continue to strongly back the Venwiz team on their mission to make enterprise-grade capex and industrial services procurement radically transparent and efficient via their SaaS-enabled marketplace platform," he said.
 

  • Related Articles

    Elon Musk's takeover at Twitter has seen mass firings and other cost-cutting measures in the past year

    Elon Musk Hopes To Have Twitter CEO Toward The End Of Year

    Swiggy is selling its kitchen infrastructure business to cloud kitchen company Kitchens@ in a share swap deal worth $10 million

    Swiggy To Sell Kitchen Infrastructure Business 'Swiggy Access' Ahead of IPO

    The four-day event aims to extend its support to start-ups, investors, and companies by providing them a platform to establish contact and birth collaborations and new business ventures

    Recruitment Automation Firm Zappyhire Selected To Attend Start-Up Event In Barcelona