USA: Agribuys secures $32 million in funding led by internet capital group
Agribuys, a leading global provider of integrated Web-based procurement services developed for the food industry, today announced that it has secured $32 million in funding -- $24 million from Internet Capital Group (ICG), with the balance from global strategy partners. ICG is a leading business-to-business (B2B) e-commerce company that provides capital support, operational assistance, industry expertise and a strategic network of business relationships. "The food industry is ripe for a B2B e-commerce solution to streamline the complex process of bringing hundreds of thousands of food products from the farm to the dinner table," said Ron Hovsepian, managing director of ICG. "The potential savings for the industry are in excess of $7 billion per year in the United States alone," said Hovsepian. "We are excited to welcome Agribuys to the ICG partner network." "This capital infusion will permit us to continue our exponential international expansion and our rapid development of innovative functionality," said Marina Kotsianas, Agribuys' president and chief executive officer. "In addition, we will be able to better expand our role as a facilitator of change for our customers. We can apply our deep industry expertise to help organizations understand and realize the potential of evolving technology such as Collaborative Planning, Forecasting and Replenishment (CPFR)." Dhruba Kalita, Agribuys' co-founder and chief technology officer, said: "From day one, we have developed our own core technology. This has allowed us to create a robust, scalable and secure system that can respond nimbly to the evolving needs of the industry. "Indeed, our success has been predicated on the fact that we actively seek and incorporate input about the system from our customers. With a staff of experts in the food industry and in e-commerce, we have been able to add functionality at e-speed. That pace will accelerate significantly utilizing ICG's knowledge and relationships in B2B e-commerce."
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