Profishop, which sells equipment for business and industry directly from manufacturers, has announced $35 million in new funding, which it plans to use to expand, Yahoo reported last week.
Profishop’s offers business-to-business (B2B) supplies like power tools, workbenches, agricultural equipment and office supplies. It deals directly with manufacturers, cutting out wholesalers, with a “just in time” ordering and distribution platform.
The report says Profishop, based in Bremen, Germany, has become active in 13 markets. It’s been working to break into the U.S. as well.
The company’s recent funding comes solely from Tiger Global, the late-stage investor which has been getting more active in Europe.
Profishop CEO Arasch Jalali said the impetus for the company’s creation came because in 2010, businesses in the German B2B world were still using print catalogs, and the rest of the purchase process was similarly analog and tedious, according to the report.
In the process of setting up its business, Profishop is riding socioeconomic trends in the role of manufacturing, according to the report. Smaller manufacturing that moved to Asia, particularly China, is moving back, and Profishop has been supplying that returning local market.
In other news related to B2B marketplaces, CoProcure, which works for vendors and those buying government tech, raised $22 million in a Series A round, PYMNTS wrote.
Local and state governments have been moving more tasks to a digital format. CoProcure, which was founded in 2018, helps government officials with “cooperative contracts” that are used by various government agencies, along with national purchasing cooperatives.