need2buy, founded in 1999, is a B2B marketplace revolutionizing the electronic components sector with a distributor-neutral platform. Their slogan, "Empowering OEM buyers and sellers in the electronic components market with a distributor-neutral, scalable, and efficient online marketplace," captures their mission to enhance the traditional supply chain using advanced Internet technologies.
Distinct in its approach, need2buy allows OEM buyers to post Requests for Quotations (RFQs) and leverages a proprietary expert system for gathering competitive bids. This facilitates optimal purchasing decisions for buyers and broadens market reach for sellers, ultimately reducing customer acquisition costs.
In addition to RFQs, users can upload and search through aggregated excess inventory, optimizing pricing strategies. This entrepreneurial endeavor, attracting a $43.00M Series B investment on July 19, 2000, is backed by prominent investors like Star Ventures, Baker Capital, JUMP Investors, Shelter Capital Partners, TMCT Ventures, and Mitsubishi Chemical Corporation.
