Venwiz, Bengaluru-based SaaS-enabled marketplace has secured $8.3 million in a Series A funding round, led by Sorin Investments, with participation from Accel, Nexus Venture Partners, and several other investors.
The company, which had previously raised $3 million in seed funding, plans to use the capital to enhance its product and expand its team. According to Venwiz CEO Rajesh Reddy, the platform aims to streamline the capex lifecycle of manufacturing companies, offering end-to-end solutions for vendor discovery, service procurement, and job execution.
Venwiz, founded in 2020, has already onboarded over 10,000 vendors across 40 service categories in India, and counts Nestle, TVS, ITC, Tata Coffee, and Kohler Power among its clients. With this funding round, the company intends to deepen its client engagements in the manufacturing industry.
Venwiz funding raises investor confidence, and its future road map
Mandar Dandekar, Partner at Sorin Investments, praised Venwiz’s efforts to address the significant white space in the manufacturing segment by simplifying the procurement of industrial services for capex and MRO needs.
Sameer Brij Verma of Nexus Venture Partners expressed excitement in continuing to support Venwiz’s mission to make enterprise-grade capex and industrial services procurement transparent and efficient via its SaaS-enabled platform.
Venwiz’s recent funding round demonstrates investors’ confidence in the company’s potential to provide time and cost savings for manufacturing companies. The platform’s innovative approach to streamlining industrial services procurement is expected to make it a key player in the manufacturing industry.