11:12 | 23/04/2020 Companies
(VEN) - Vietnam-based e-commerce enabler OnPoint closed over US$8 million in Series A funding round to accelerate its revenue growth and to develop innovative e-commerce solution for its roster of blue chip clients.
Leading this Series A consortium round is Kiwoom Investment and DAIWA-SSIAM Vietnam Growth Fund II L.P. This marks one of the largest Series A rounds in Vietnam in recent months amidst the ongoing global Covid-19 pandemic.
The new funding, which brings the total fund raised by OnPoint to date to an 8-digit number, will enable the company to invest in strategic technology developments, recruit new talents, and develop data-driven capabilities to provide better services to its clients.
Founded in December 2017, OnPoint is the market leader in the Vietnam market for e-commerce enablers. The company provides one-stop solutions that enable consumer brands in turbo-charging their online sales and online presences on e-commerce platforms, social channels or via brand-owned websites. The company accomplishes this via two distinctive but intertwining business offerings: Distribution services - OnPoint directly manages brands’ A-to-Z online store functions (including product listing, pricing, customer services, order fulfillment, etc.); E-commerce solution services - OnPoint helps brands formulate, manage, execute and measure strategic online marketing campaigns and commercial management capabilities.
“We realized that the e-commerce landscape in Vietnam is evolving extremely fast, and almost on a daily basis. As such, our mission is to empower consumer brands in not just navigating, but also growing and thriving in this ever-changing ecosystem. We see ourselves not just as an extending-arm in online demand creation and demand fulfillment, but also a strategic partner for brands who helps facilitate their multitude interactions with online netizens,” said OnPoint co-founder and CEO Tran Vu Quang.
“We want OnPoint to become the No.1 e-commerce enabler in Southeast Asia, provide the cutting-edge solutions that help brands to capture growth opportunities at the right time and in a sustainable way,” Quang added.
The team behind OnPoint’s success is a group of highly-caliber founders and managers, with a unique combination of top-class experience in retail, e-commerce, brands and management consulting. Two of the founders Tran Vu Quang and Le Xuan Long, are both former C-level executives at Lazada Vietnam and ex-McKinsey consultants. Joining with them at the board of OnPoint are industry veterans with decades of top-management experience at global FMCG firms. The executive management team of OnPoint comprise of talents who previously held key positions at top e-commerce firms like Lazada, Shopee, Tiki and Lotte.
“E-commerce is the new reality of Vietnam’s retailing industry and is expected to maintain its exponential growth in the near future. By deploying deep e-commerce expertise, and leveraging high-tech solution, OnPoint is in best position to help consumer brands re-orient their online strategy and reach new height in their e-commerce journeys,” commented Chris (Seoktae) Kim, Senior Investment Manager from Kiwoom Investment.
In 2019, OnPoint served more than 50 brands. The company is on track to expand its client portfolio to 100+ brands while accelerating revenue growth in 2020. The successful fundraising right will help OnPoint solidify its market leading position and invest in technology to expand e-commerce demand creation and demand fulfillment solutions to better serve its clients.