[Asia Economy Reporter So-yeon Park] Construction material trading platform 'Bid&Bee' announced on the 22nd that it has secured seed investment from Goodman Partners.
Bid&Bee is a construction material trading platform that allows users to easily place orders and compare up to five quotes through a reverse auction method. The beta service is scheduled to launch in January next year, initially offering six product categories: insulation materials, windows, doors, sandwich panels, aluminum composite panels, and deck plates.
Construction materials require various option applications depending on the section of use and design standards. Most are made-to-order, so online transactions have not been active. Since transactions were conducted offline on an individual basis, comparing quotes took a lot of time.
Bid&Bee aims to computerize construction material transactions through its platform, connecting buyers and suppliers directly in an online space. Based on its self-developed ordering system, it provides estimated market prices and facilitates quote comparisons. All coordination processes are managed as records. To ensure transaction safety, Bid&Bee has partnered with Modusign, the leading electronic contract company in Korea, supporting non-face-to-face electronic signatures for supply contract execution.
A Bid&Bee representative explained, "We are developing the platform to reduce inconveniences in existing transaction methods, focusing on ease of use and transaction safety. With Bid&Bee's ordering system technology, simple price checks are possible on the platform, transparent quote comparisons are provided to actual buyers, and suppliers are given definite opportunities to secure customers."
Bid&Bee is currently open with a landing page recruiting pre-supply partners. Before the official launch, it plans to continuously provide pre-content with information necessary for construction material transactions through blogs, Facebook, and other SNS channels.
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