Need2Buy
Westlake Village
About Need2Buy
Need2Buy.com is a leading business-to-business online marketplace for buyers and sellers of electronic components. Their marketplace solution leverages their proven Internet technology and their extensive industry expertise to streamline the traditionally inefficient electronic components supply chain. Their distributor-neutral approach creates an open and scalable marketplace that is more attractive to OEM buyers, distributors and component manufacturers. Their marketplace enables OEM buyers to post Requests for Quotations (RFQs) and uses their proprietary "expert system" to solicit competitive bids from multiple qualified distributors and component manufacturers who meet the criteria specified by the buyer. This model allows buyers to make more cost effective purchasing decisions and sellers to expand their market reach while reducing their customer acquisition costs. Their marketplace also enables OEMs, distributors and component manufacturers to upload a list of their excess inventory into the Need2Buy Marketplace and to search the aggregated "virtual warehouse" for desired products. This allows participants to obtain optimum pricing when disposing of and purchasing excess inventory.
Company Facts
- Operating status: Closed
- Company type: For Profit
- IPO status: Private
- Total funding: $43.0M
- Funding stage: Early Stage Venture
- Last round: Series B (Jul 2000)
- Website: need2buy.com
- Phone: (888)300-1070
Industries & Categories
B2B, E-Commerce, Electronics, Marketplace
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