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Featured


VIETNAM’S SOCIAL COMMERCE PLATFORM MIO INKS US$ 8 MILLION IN FUNDS

Staff Writer 20 hours ago
Source: Mio

This January, Vietnam’s social commerce platform Mio has raised US$ 8 million in
Series A funding, led by Jungle Ventures, Patamar Capital, and noted angel
investor, Oliver Jung. The round also saw participation from existing investors
GGV, Venturra, Hustle Fund, iSEED SEA and Gokul Rajaram. This brings the total
capital raised by the company since inception to US$ 9.1 million. The company
will use the fresh funds to expand its fulfillment center footprint, improve its
logistics and supply chain capabilities, and expand to new geographies in
Vietnam.

SEE ALSO: India’s e-commerce platform Living Food inks US$7.5 million in funds

Founded in June 2020 by entrepreneurs Trung Huynh, An Pham, Long Pham and Tu Le,
Mio is a group buying platform for grocery and fresh produce for Tier 2 and 3
cities in Vietnam offering consistent quality, at affordable prices with next
day delivery. The company aims to drive financial independence for millions of
Vietnamese women by democratising entrepreneurship opportunities through its Mio
Partner model.

Mio Partners act as resellers who acquire orders from their immediate social
circle of friends & family, aggregate, place and manage orders through the Mio
app. In return, Mio partners can make up to US$ 400, earning a 10 percent
commission on each order, and additional commissions based on the monthly
performance of resellers they referred to the platform. Many of Mio Partners are
women from smaller towns in Vietnam, according to the platform.

In the last 12 months, the company’s GMV grew by over 50 times, fulfilling over
10,000 fresh produce products every day. Mio is present across Ho Chi Minh, Binh
Duong, Dong Nai, Long An, and will be expanding to the northern region of
Vietnam in the coming months.

“Mio aims to create a virtuous ecosystem of growth for our Mio Partners and
consumers. We are proud to have created thousands of jobs for women in suburban
districts and lower tier cities of Vietnam. As we scale, we are excited to
partner with Jungle Ventures, Patamar Capital, and our angel investors, to
continue to drive financial independence among more women in Vietnam, expand our
services to more markets, and serve our consumers with better products and
service” said Trung Huynh, co-founder of Mio.

“With rising internet penetration, we are very bullish on social commerce as it
will be the next driver of growth for Tier 2 & 3 towns in the region, racing
ahead of traditional commerce models, as consumers demand at par choice,
experience and service. Mio is an innovative business with terrific growth
potential addressing the US$ 50 billion grocery opportunity in Vietnam. We are
incredibly excited to partner with Trung Huynh, An Pham and the entire Mio team
to help build a long standing enterprise and extend our support in their next
stages of growth,” said My Tran, Vice President Investments, Jungle Ventures.

SEE ALSO: Cathay Capital launches Consumer Co-Creation Fund to incubate consumer
and retail startups across China

Mio currently focuses on grocery staples, including fresh produce and poultry,
and plans to add FMCG (fast-moving consumer goods) and household appliances.
Going forward, the company will be investing in new fulfillment centers and
supply chain initiatives to further reduce delivery time, lower costs and expand
their services to more towns.


RELATED


Tags Funding Mio Social Commerce Vietnam

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