Bizzi banked $3M in the Pre-Series A round backed by Money Forward, Do Ventures, and Qualgro
Bizzi is the first mover in invoice processing automation solutions in Vietnam. Powered by AI and robotic process automation (RPA), Bizzi's unified platform can be seamlessly integrated with existing ERP/accounting solutions. It connects vendors and customers to automate financial processes namely bills payments, receipt scanning, compliance, and bookkeeping. Only two years after launch, the company already has more than 100 major clients including Grab, GS25, Circle K, Tiki, Guardian, Medicare, Pharmacity, and over 4,000 vendors using the platform on a daily basis. Its current monthly value of processed invoices has exceeded $300M.
The COVID-19 crisis has created drastic changes in the way companies do business. It forced them to seek creative digital solutions to advance the augmentation of human efforts. As a result, the adoption of technology in business innovation is being accelerated immensely across sectors. Meanwhile, the Vietnamese Government took a decisive step towards digitization by issuing a decree on mandatory electronic invoices in both public and private sectors starting from July 1st, 2022. In light of this, Bizzi is pioneering in delivering financial process efficiency to businesses of all sizes through labor-saving accounts payable management.
Bizzi focuses on making it effortless for finance teams to automate tedious accounting tasks. Its RPA technology and machine learning cut invoice processing time by 80% and processing cost by 50% while increasing transparency and tax compliance. Secured by Amazon Web Services, Bizzi’s platform guarantees data encryption based on the conditions of the world's leading accounting firms. Applying ISO 27001 • an international standard that outlines best practices to help organizations manage their information security, Bizzi has successfully partnered with sizable clients with strict security requirements such as listed companies and multinational companies.
Bizzi is led by a well-rounded founding team with solid expertise in different areas. Nghia Vu, Co-founder & CEO, has more than 10 years of experience working at renowned multinational corporations including GlaxoSmithKline, Unilever, and Dairy Queen. Nguyen Nguyen, Co-founder & CTO, has spent more than 10 years in leadership roles at outstanding tech companies including global startup factory Rocket Internet and local unicorn VNG. "The fresh fund will be used to enhance the features and functionality of our product, and broaden our network of customers. While Vietnam is still our main focus in the near term, we will also look into expanding to other SEA markets with similar problems to be tackled,” said the two co-founders.
According to Mr. Tatsuya Kanto, Chief Strategy Officer at Money Forward, "Bizzi has been creating a major impact by helping thousands of businesses in their vital digitization efforts. We will support the company in building the largest receivables and payables management platform in Vietnam by sharing the know-how cultivated in the Money Forward Cloud business.”
"Bizzi has speeded digital transformation in Vietnam by helping companies innovate their workflows and offering the finance team complete control over their accounts payable processes remotely. The founding team has strong operational capabilities combined with a profound understanding of the local market. We are excited to partner with Bizzi and support the company in our promising journey ahead,” said Ms. Vy Le, General Partner at Do Ventures.
"Qualgro is delighted to continue our investment in Bizzi, and to support the team as they look to accelerate growth. It has been impressive to see Bizzi’s focus on customers, product and building a strong team culture • laying a great foundation for the journey ahead,” said Mr. Peter Huynh, Partner at Qualgro.
About Money Forward
Money Forward is a FinTech company, providing PFM (personal financial management) service "Money Forward ME” and SaaS accounting software "Money Forward Cloud”. Since its launch in 2012, the company aim to solve the financial issues of all individuals and businesses through building an open and fair financial platform and providing essential services. In addition, "Money Forward Fintech Institute” was established in 2015 to deliver policy recommendations and research to promote the Fintech industry. Money Forward thrives to be a player that brings innovative ideas and practices to users and the financial industry. Money Forward was listed on Tokyo Stock Exchange, Mothers in September 2017, and changed the listing of its shares to the First Section in June 2021.
About Do Ventures
Do Ventures is a $50M early-stage venture capital fund that serves as a strategic partner for startups. Leveraging the current favorable demographic in Vietnam, Do Ventures seeks investment opportunities in technology startups with outstanding execution capabilities that can develop meaningful products and services that improve the lives of consumers in Vietnam and Southeast Asia.
With the philosophy of "Grow by Doing”, Do Ventures believes that for a startup to grow rapidly, its founders must be willing to do more to make more right decisions and outpace the competition. Do Ventures' portfolio companies include F99, Palexy, Manabie, MFast, and VUIHOC.
Qualgro is a venture capital firm based in Singapore, investing mainly in B2B companies in Data, SaaS, and Artificial Intelligence, to support talented entrepreneurs with regional or global growth ambition. Qualgro invests across Southeast Asia, Australia/NZ, primarily at Series A & B.
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