Focused on smaller cities, Vietnamese social commerce startup Mio raises $8M Series A – TechCrunch

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MioVietnam’s social commerce platform has raised $ 8 million in Series A less than a year after announcing the seed round. Financing was led by Jungle Ventures, Patamar Capital and Oliver Jung, with participation from repeaters GGV, Ventura, Hustle Fund, iSEED SEA and Gokul Rajalam.

TechCrunch First covered Mio at the time of the $ 1 million seed funding in May 2021.. Founded in 2020, Mio is a group buying platform focused on selling fresh food and groceries in Vietnam’s Tier 2 and Tier 3 cities. With the logistics infrastructure in place to send produce directly from the farm to the customer, the company can offer next-day delivery.

Series A will increase Mio’s total value to $ 9.1 million and will be used to expand its logistics and fulfillment system, enter new areas in Vietnam, and add new product categories such as FMCG and consumer electronics. increase.

Trung Huynh, co-founder and CEO of Mio, has achieved 10x growth in commercial value and 10x increase in agents or resellers since TechCrunch first picked up Mio seven months ago. Said he increased the team from 60 to 240. Currently operating in Ho Chi Minh, Tu Dug, Binh Duong, Dong Nai and Long An, it plans to expand to northern Vietnam, producing more than 10,000 fresh produce per day.

The numbers “strengthen our belief in this model and its potential,” he said. “As we deepen our presence in existing regions and expand into new states, we need new capital to accelerate employment, product development and supply chains to keep up with the pace of growth.”

Mio can provide next-day delivery with a vertically integrated mayor of the value chain, including procurement, warehousing, order sorting, and bulk delivery. Startups own most of their logistics infrastructure and use their own courier services. According to Huynh, the ability to deliver fresh produce directly from the farm to the customer within 16 hours contributes to customer retention and growth, and continues to reduce delivery times. ..

Mio resellers are called Mio Partners. One of the driving forces behind Mio, Huynh said, is at home with the right people for the program: housewives in low-income areas who love to share products worth the money with their friends’ social circles. He said that he was targeting “mama”.

They usually aggregate orders from friends and family, and orders are delivered in batches for distribution. Startups claim that Mio Partners can make up to $ 400 a month. This includes a 10% commission per order and additional commissions based on the monthly performance of other resellers who have referenced the program.

Huynh says Mio is very likely to expand beyond Vietnam.

Focused on smaller cities, Vietnamese social commerce startup Mio raises $8M Series A – TechCrunch Source link Focused on smaller cities, Vietnamese social commerce startup Mio raises $8M Series A – TechCrunch

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