Need2Buy.com Announces Deal With Mitsubishi

Need2Buy.com in Westlake Village, a business-to-business online marketplace for buyers and sellers of electronic components, has closed its first round of financing and has entered into an alliance with Mitsubishi Corp.

The company said it raised $2.2 million to be used for marketing, expansion and development of its core business. The investment was made by Mitsubishi Corp.; Eli Broad, co-founder of Kaufman and Broad home builders; Trust Company of the West; and JUMP! Investors.

The Need2Buy marketplace enables buyers to post “requests for quotations” on its Web site and solicit competitive bids from vendors who meet the criteria specified by the request.

“Our relationship with Mitsubishi Corp. will accelerate our entry into the Far East market,” said Maury Friedman, Need2Buy’s chief executive.