Tradesparq, a Hong Kong, China-based provider of global online procurement solutions, has raised $500K in seed funding.
Backers include Siemer Ventures and other institutional and angel investors in the US and across Asia.
The company intends to use the funding to expand the reach and capabilities of its social sourcing platform.
Led by co-founder Brian Hager, Tradesparq provides a utilizes a proprietary, Web 2.0 social networking technology that enables buyers to filter their supplier search results through their online networks and rank them accordingly. Its social search-based network allows suppliers and buyers to connect with each other, import contacts, view product details, check references, and send real-time automatic product and service updates.
The company’s platform already includes more than 700,000 products and nearly 100,000 suppliers.