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

MioVietnam’s social commerce platform has raised $ 8 million in Series A lower than a 12 months after saying the seed spherical. 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.. Based in 2020, Mio is a gaggle shopping for platform targeted on promoting recent meals and groceries in Vietnam’s Tier 2 and Tier 3 cities. With the logistics infrastructure in place to ship produce straight from the farm to the shopper, the corporate can provide next-day supply.

Series A will improve Mio’s complete worth to $ 9.1 million and will likely be used to increase its logistics and achievement system, enter new areas in Vietnam, and add new product classes corresponding to FMCG and shopper electronics. improve.

Trung Huynh, co-founder and CEO of Mio, has achieved 10x progress in business worth and 10x improve in brokers or resellers since TechCrunch first picked up Mio seven months in the past. Stated he elevated the crew from 60 to 240. At the moment working in Ho Chi Minh, Tu Dug, Binh Duong, Dong Nai and Lengthy An, it plans to increase to northern Vietnam, producing greater than 10,000 recent produce per day.

The numbers “strengthen our perception on this mannequin and its potential,” he stated. “As we deepen our presence in current areas and increase into new states, we’d like new capital to speed up employment, product growth and provide chains to maintain up with the tempo of progress.”

Mio can present next-day supply with a vertically built-in mayor of the worth chain, together with procurement, warehousing, order sorting, and bulk supply. Startups personal most of their logistics infrastructure and use their very own courier providers. Based on Huynh, the power to ship recent produce straight from the farm to the shopper inside 16 hours contributes to buyer retention and progress, and continues to scale back supply occasions. ..

Mio resellers are known as Mio Companions. One of many driving forces behind Mio, Huynh stated, is at house with the best individuals for this system: housewives in low-income areas who like to share merchandise well worth the cash with their mates’ social circles. He stated that he was concentrating on “mama”.

They normally mixture orders from family and friends, and orders are delivered in batches for distribution. Startups declare that Mio Companions could make as much as $ 400 a month. This features a 10% fee per order and extra commissions primarily based on the month-to-month efficiency of different resellers who’ve referenced this system.

Huynh says Mio could be very prone to increase past 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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