- Bizongo, an e-commerce packaging company, has acquired FactoryPlus, a digitization app for MSME factories.
- With this acquisition, Bizongo aims to help local manufacturers source raw materials at lower costs and offer embedded financing solutions.
- FactoryPlus, co-founded in 2021, focuses on making factories smarter and more efficient using technology.
- FactoryPlus had previously raised a seed round from Better Capital and Titan Capital, both of which will exit as part of the acquisition.
- Despite the acquisition, Bizongo had recently announced a $50 million funding round and subsequently laid off 15% of its workforce.