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Colombia-Based OFI.com.co Announces Successful First Seed Funding Round, Aims To Be Leader Of The B2B E-Commerce Market In South America’s Fastest Growing Economy

– Launched just six months ago, OFI is Colombia’s first specialized B2B e-Commerce company, supplying businesses across the country with over 20,000 office products ranging from hardware and software solutions to manufacturing, repair and operations (MRO) supplies.

– Having completed its first round of Seed funding, OFI raised a total of $900k, which includes $750k from Angel Investors in the United States, Argentina, Brazil and Colombia.

– “The market opportunities that both Colombia and the rest of Latin America outside of Brazil provide for online-based ventures shouldn´t be ignored,” says Founder and CEO of OFI. “I believe the growth that OFI.com.co has experienced in just six months of operations is a testimony to Colombia´s market, which has recently overtaken Peru to be the region’s fastest growing economy,” he adds.

– According to Forbes, the worldwide B2B market is expected to grow to $6.7 trillion in gross merchandise value by 2020, dwarfing the B2C market that is only expected to be $3.2 trillion in the same time period.

November 21, 2014 – Colombia-based OFI announces its successful first round of Seed Funding, and a possible second round of Venture Capital funding in Q1 of 2015, as it aims to be the leader of the e-Commerce market in South America’s fastest growing economy.

Launched just six months ago and led by University of Chicago graduate and serial entrepreneur Peter Ostroske, OFI.com.co is Colombia’s first specialized B2B e-Commerce company, supplying businesses across the country with over 20,000 products ranging from B2B technology solutions to manufacturing, repair and operations (MRO) supplies.

Having completed its first round of Seed funding, OFI raised a total of $900k, which includes $750k from Angel Investors in the United States, Argentina, Brazil and Colombia.

This total figure also includes a $150K grant for early-stage companies from iNNpulsa, a Colombian government agency that — with the support of the country’s Business Development Bank, BANCOLDEX — promotes high-impact entrepreneurship in the Andean nation.

“The market opportunities that both Colombia and the rest of Latin America outside of Brazil provide for online-based ventures shouldn´t be ignored,” says Founder and CEO of OFI. “I believe the growth that OFI.com.co has experienced in just six months of operations is a testimony to Colombia´s market, which has recently overtaken Peru to be the region’s fastest growing economy,” he adds.

As of October of this year, Ostroske explains, OFI has grown over 100% month-over-month, as the company continues to acquire new business customers at a high rate. With many customers re-purchasing every month, the business mirrors an informal subscription model with a particularly high average ticket. 

“In Colombia, companies generally turn to multiple vendors to meet their supply needs. Through OFI.com.co´s procurement platform, we provide businesses a one-stop-shop solution, fast-and-free delivery and a personal shopper via our call center, allowing our customers to invest their time in winning market share within their respective industries and increasing their overall competitiveness” says OFI Co-founder and Commercial Director Ricardo Parra. “We launched the business with the intention of winning the SMB segment, however, after only six months it´s clear the need extends to corporate customers as we begin servicing some of Colombia´s largest companies as well as the Colombian government,” he says.

Although these types of business solutions are common in many parts of the world, Parra adds, services like these in Latin America are still at a very early stage and are experiencing high demand.

As more and more businesses in developing nations turn towards online solutions for their supply needs, B2B services such as OFI.com.co are set to play an increasingly important and invaluable role in every business. According to Forbes, the worldwide B2B market is expected to grow to $6.7 trillion in gross merchandise value by 2020, dwarfing the B2C market that is only expected to be $3.2 trillion in the same time period.

“Colombia’s B2B market potential is expected to reach $14 billion by the end of the year,” Ostroske says. “As  the country’s first B2B e-Commerce company, we are seeking new partners to help us consolidate our position in the market and look toward regional expansion,” Ostroske explains.

Now with a second round of Venture Capital funding scheduled for the first part of 2015, OFI’s unique B2B model is set to place the service at the forefront of Latin America´s B2B e-Commerce arena.

About

Founded in 2013 by Peter Ostroske and Ricardo Parra, OFI.com.co is Colombia’s first B2B e-Commerce company. Currently offering over 20,000 products including hardware, software, office supplies, cleaning supplies as well as manufacturing, repair and operations (MRO) supplies, OFI is Colombia’s leading procurement platform.

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