OnPoint, a Vietnam-based e-commerce enabler, announced Friday it has raised $50 million Series B funding led by SeaTown Private Capital Master Fund, a fund managed by SeaTown Holdings International (SeaTown), an indirect wholly owned subsidiary of Temasek Holdings.
OnPoint said in a statement that SeaTown’s investment will be the largest private investment in the Southeast Asia (SEA) e-commerce enabler industry in the last five years.
It will support OnPoint in further investing in its best-in-class omni-channel marketing and sales solutions to better serve brands and consumers.
In addition, the partnership will allow the company to tap into SeaTown’s vast networks and experience in digital economy and consumer sectors across
Southeast Asia and globally. Most recently, SeaTown has made investments in the CrownX Corporation and Golden Gate Group in Vietnam.
According to OnPoint Founder and Chief Executive Officer Tran Vu Quang, the company will use the new fund to continue expanding its e-commerce enabling ecosystem, strengthening talents and capabilities, and developing emerging technologies with a data-driven approach.
Quang noted that OnPoint’s vision is to ultimately become a platform that creates impacts to all participants of the SEA’s e- commerce economy from brand owners, merchants, service providers to consumers, generating values for its employees and shareholders.
“We pioneer in building the number one SEA’s e-commerce enabling solutions to connect brands, platforms, logistics partners, and shoppers. Our goal is to create impactful values for the ecosystem by constantly innovating and developing sustainable, seamless customer-centric solutions. SeaTown is a valuable partner for us, given their long-term vision and a wealth of experience in the global digital economy,” he added.
Since 2017, OnPoint provides a one-stop solution that enables consumer brands to accelerate their online growth on multiple channels including e-commerce marketplaces, social media platforms, and brand-owned websites.
Its capabilities encompass all aspects of the e-commerce value chain ranging from the set-up and operations of brands online store, to managing digital marketing campaigns, customer services, warehousing and order fulfillment.
After a successful Series A round in 2020, the company has focused on developing proprietary technology to integrate and co-ordinate a network of service partners, utilizing data and automating processes to streamline their operations.
The company’s most advanced solution, Galaxy, is a digital marketing campaign management tool that leverages the power of Big Data, artificial intelligence (AI) and Machine Learning. It has also launched OctoSells, a Software-as-a-Service (SAAS) product to help small and medium-sized enterprises (SMEs) merchants manage online stores seamlessly.
“In one of the fastest-growing e-commerce markets globally, OnPoint has proven to be the best-in-class e-commerce enabler supporting a large portfolio of local and international brands. We strongly believe that, with its unparalleled experience and capabilities, OnPoint is well-positioned to capture the growth of the Vietnamese e-commerce industry and solidify its position as an integral part of the value chain，
”This investment exemplifies SeaTown’s philosophy, which is to partner with great management teams who have built exceptional businesses to help them achieve a shared aspiration for the company,” said Dickson Loo, Managing Director at SeaTown.
SeaTown Holdings International is a Singapore-based investment manager focused on alternative, absolute return strategies. With over $6 billion of assets under management, SeaTown manages multi-asset and public credit strategies through open-end funds as well as private investments strategies in closed-end funds. It is a wholly-owned subsidiary of Seviora Holdings, and indirectly owned by Temasek Holdings.