History of 3BG
3BG Closes on their 2nd round of growth financing and will be in route to eliminating paper catalogs and creating the industry’s most comprehensive database for Industrial MRO products.
The company, now acquiring 99% of their customers online gear up to raise a 2nd round of growth capital to expand on their data initiatives and continue building out the sales force.
The team focuses exclusively on extracting, transforming and loading their vendor's product data and takes over 130,000 products online and available for purchase.
The co-founders and a small team, now called 3BG Supply Co. raise a 1st round of Growth Capital.
Panzit's model works and behind a supply chain that the co-founders negotiated with to ship factory-direct (right to the customers) they re-branded the company name to 3BG Supply Co (short for 3 Bald Guys) in prepration to scale up this model and begin the focus on becoming the largest aggregator of organized prodcut information.
The co-founders decide to launch a new type of distribution model behind Panzit. One that is lean, technology-enabled and focused on data. They decided that what would differentiate this business is the target to become the largest aggregator of organized product information in the industry. In doing this, they believed the company could then create data solutions that best align with customer needs and improve the customer purchasing experience. A few years are spent working to create a supply chain that would buy into this new model and ship factor direct (right to the Panzit customer) allowing the Panzit team to focus on data and improving the way customers purchase their products.
2010 - The Idea
Co-Founders, Shane and Alex, identify the industry-wide problem: "It's Difficult to Purchase MRO Products" because of the decentralization of manufactuerer product data.
These Product Data Challenges are Critical, Costly, Damage Customer Relationships and Undermine Sales.
They launched Panzit.com a company to explorer how to SOLVE this problem.