CNV, a Vietnamese cloud-based business and marketing solutions provider, has successfully raised its seed funding of $1 million from Singapore-based venture capital firm Wavemaker Partners.

The round came following CNV’s stellar performance in 2022 and 2023, three years after it successfully raised a strategic pre-seed round funding by NextPay, the leading Vietnamese small and medium-sized enterprise (SME) payments and services platform offering online and offline payment, CNV said in a statement on Tuesday.

“In the midst of a global funding winter, we are grateful for our existing and new investors’ relentless support to achieve this funding milestone,

“Our next big steps include fostering collaboration to design exclusive financial products for each and every customer segment, as well as gearing up for expansion to the Philippines in 2024,” said CNV Chief Executive Officer Phu Nguyen.

CNV, founded in 2020 by Nguyen Tuan Phu and Do Dang Khoa, is a cloud-based business and marketing solutions provider dedicated to offering digital transformation SaaS products and marketing growth services to assist micro, small and medium-sized enterprises (MSMEs), SMEs, and enterprises in Vietnam achieve sustainable growth via marketing, loyalty and e-commerce activities.

The firm currently serves over 2,0000 customers, including multinational corporations, local enterprises, SMEs, MSMEs, and government agencies, helping them optimize their client-facing activities and backend customer data platform analysis activities.

“Wavemaker Partners is proud to support CNV in its next phase of growth to help hundreds of thousands of businesses in Vietnam drive meaningful results with their sales and customer engagement using CNV’s comprehensive customer data platform (CDP) and loyalty SaaS products,

“With the founders’ hard work and grit over years of perfecting loyalty and engagement, we are confident that CNV will achieve success with its mission to help drive growth and optimization for their clients in multiple use-cases,” said Phuong Tran, Principal at Wavemaker Partners.

It is noted that Vietnam’s business environment is increasingly dynamic and entrepreneurial, with strong backing from a SMEs and MSMEs base.

Cited the Ministry of Planning and Investment, the statement noted that Vietnam has approximately 1 million registered operational businesses; and more than 97 percent SMEs contribute up to 45 percent of the national gross domestic product (GDP).

It said the prospects for the country’s e-commerce landscape also paints a promising future as Vietnam is set to post a 31 percent growth in gross merchandise value (GMV) from 2022 to 2025.

However, amid an increasingly competitive business environment, it said all businesses are looking for ways to increase sales via a customized re-marketing strategy for an existing customer base and engaging with new potential customers.

It is noted CNV, after gaining expertise with years of building loyalty solutions for businesses, has launched comprehensive tools to achieve this goal: via gamification, affiliate và CDP automation marketing.

2023 also marked an important milestone in CNV’s development with the emergence of the Zalo mini apps, which provide seamless channels for businesses to engage comprehensively with customers, creating a powerful app-within-app experience that lets businesses acquire users at lower cost and engage with them in a deeper and more seamless manner.

CNV has also witnessed remarkable growth, with a 250 percent growth in revenue and number of customers acquired.

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