Zetwerk raises $2.2 mn in venture debt from InnoVen Capital
Business-to-business (b2b) platform for custom manufacturing, Zetwerk, has raised $2.2 million in venture debt from InnoVen Capital
The Chennai headquartered company, owned and operated by Zetwerk Manufacturing Businesses, will utilise the capital to scale its business and expand supplier base, according to a statement.
Zetwerk, which is backed by venture capital firms Lightspeed Ventures, Sequoia Capital and Accel, had raised $32 million in Series B round in December. It has so far raised $42.3 million in equity investments, according to data sourced from VCCEdge.
“We continue to scale our business, both domestically and globally. We are focused on deepening our capabilities and widening our supplier base, as we build a world class platform for manufacturing services,” said Amrit Acharya, CEO of Zetwerk in a statement.
Founded in 2018 by IIT Madras alumni Acharya and Srinath Ramakkrushnan, the company works with original equipment manufacturers (OEM) and engineering procurement construction (EPM) companies for on-demand manufacturing. The company works with close to 1,500 small and medium enterprises (SMEs) and 100 enterprises across the platform.
“Zetwerk has made good progress in a relatively short period of time. This is a large addressable market, with tremendous potential to organise the space and provide more efficient solutions to OEMs and EPCs for custom engineering jobs,” Ashish Sharma, CEO of InnoVen Capital said.
The b2b space has seen heightened deal activity in growth capital over the last few months. Earlier this week, b2b packaging startup Bizongo raised $30 million in its Series C round from Switzerland based hedge fund, Schroeder Adveq.
Logistics Software-as-a-Service platform, LogiNext also raised $439 million from Tiger Global and Steadview Capital in January In July 2019, Tiger Global also participated in the growth round of funding for industrial goods marketplace, Moglix.