portugal’s bizay — a customized products marketplace for smbs — just raised a $38.6m c round

Bizay, an online platform designed to empower small and medium-sized businesses by enabling the creation of uniquely tailored products – including branded merchandise – has secured $38.6 million (equivalent to €32 million) in a new investment. This Series C funding round was jointly spearheaded by investment firms Indico Capital and the European Investment Bank, and received considerable backing from Iberis Capital, as well as current investors such as LeadX Capital Partners, Omnes Capital and Pathena.

With this latest funding, Bizay’s total capital raised now surpasses €54 million. The company had previously completed a Series B funding round, securing €22 million. This new capital injection will be used to expedite the advancement of its product offerings specifically for SMBs and to strengthen Bizay’s operations, currently serving over one million SMBs across 21 nations in Europe and the Americas.

Bizay aims to function as a comprehensive merchandising solution for SMBs, mirroring the breadth of services offered by Amazon in areas like promotional items, packaging materials, essential supplies, decorative elements, and work attire, all while maintaining high standards of quality and significantly reducing typical costs.

According to José Salgado, Bizay’s Chief of Growth Officer, “The recent global health situation has dramatically increased the demand for online ordering of customized products at lower prices. Our platform is positioned to be a vital resource for businesses seeking a quicker recovery. We are highly optimistic about reaching the objectives that will propel us to a new stage of international expansion.”

In an interview with TechCrunch, Salgado explained: “We operate as a technology company, and our platform facilitates connections with industrial manufacturers who typically cater exclusively to large-scale businesses. We do not maintain any inventory, own any machinery, or engage in production ourselves. By utilizing artificial intelligence, we consolidate multiple orders and fulfill them through our established network of industrial producers within our marketplace. This allows us to provide SMBs with competitive pricing, even for small, individual orders. These manufacturers would generally not serve SMBs due to the comparatively small order volumes.”

Stephan Morais, managing general partner at Indico Capital Partners, stated: “Bizay is poised for a period of accelerated growth, and this funding will solidify its position throughout Europe and allow the company to capitalize on the increasing trend of online ordering for personalized products among SMBs.”