Editor’s note: Updated with information of investors
Mio, a Vietnam-based social commerce platform, announced Tuesday that it has raised $8 million in a Series A funding round.
The round was led by Jungle Ventures, with participation from 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, Mio said in a statement, adding that this brings the total capital raised by the company since inception to $9.1 million.
Mio said 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.
Founded in June 2020 by serial 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 and family, aggregate, place and manage orders through the Mio app. In return, Mio partners can make up to $400, earning a 10 percent commission on each order, and additional commissions based on the monthly performance of resellers they referred to the platform.
Given that many of Mio Partners are women from smaller towns in Vietnam, this new stream of income has significantly improved their family’s welfare.
The company has witnessed tremendous success in the last 12 months, with the company’s gross merchandise value (GMV) growing by over 50 times, fulfilling over 10,000 fresh produce products everyday. Today, 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 surbuban 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.
Mio currently focuses on grocery staples, including fresh produce and poultry, and plans to add fast-moving consumer goods (FMCG) 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.
“With rising internet penetration, we are very bullish on social commerce as it will be the next driver of growth for Tier 2 and 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 $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 of Jungle Ventures.
Jungle Ventures is a Singapore based venture capital firm focussed on early to growth-stage companies in Southeast Asia and India, with a focus on building long lasting businesses. Jungle partners with the region’s most exciting founders to build high growth, capital-efficient technology businesses, and supports their growth from seed to unicorn, and initial public offering (IPO) stage. Its portfolio includes regional and global category leaders like Kredivo, Moglix, Pomelo, Livspace, Builder.ai, Sociolla and more.
The investment on Mio is testament to Jungle Ventures’ commitment to Vietnam, following its recent investments in KiotViet, Vietnam’s leading merchant platform for MSMEs, Dat Bike, Vietnam’s first indigenous electric vehicle brand and several more to be announced in coming weeks.
It is also the firm’s third investment in social commerce, after Citymall, India’s first community based e-commerce platform in India and Evermos, leading Social Commerce platform in Indonesia for halal and sharia-compliant goods.
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