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Mio, the Vietnamese social commerce platform, has raised an $8 million Collection A, lower than a yr after saying its seed spherical. The funding was led by Jungle Ventures, with participation from Patamar Capital and Oliver Jung. Present buyers buyers GGV, Venturra, Hustle Fund, iSEED SEA and Gokul Rajaram additionally returned for the spherical.
TechCrunch first lined Mio on the time of its $1 million seed funding in Might 2021. Based in 2020, Mio is a gaggle shopping for platform that focuses on promoting contemporary produce and groceries in Tier 2 and three cities in Vietnam. The corporate is ready to provide subsequent day supply as a result of it constructed a logistics infrastructure that allows it to ship produce immediately from farms to prospects.
The Collection A brings Mio’s whole raised to $9.1 million, and will probably be used to broaden its logistics and achievement system, enter new areas in Vietnam and add new product classes like fast-moving shopper items (FMCG) and family home equipment.
Mio co-founder and chief govt officer Trung Huynh stated that since TechCrunch first lined Mio seven months in the past, it has achieved 10x gross merchandise worth progress, a 10x improve in brokers, or resellers, and grew its workforce from 60 folks to 240. It now fulfills greater than 10,000 items of contemporary produce per day, working in Ho Chi Minh, Thu Duc, Binh Duong, Dong Nai and Lengthy An, with plans to broaden into northern Vietnam.
The numbers “strengthened our conviction on this mannequin and its potential,” he stated. “We want contemporary capital to speed up hiring, product improvement and provide chain to maintain up with the tempo of progress as we deepen our presence in present geographies and broaden to new provinces.”
Mio is ready to provide subsequent day deliveries as a result of its vertically built-in mayor layers of the worth chain, together with procurement, warehousing, order sorting and bulk supply. The startup owns the vast majority of its logistics infrastructure and makes use of its personal fleet of couriers. Its means to supply contemporary produce immediately from farms to prospects in lower than 16 hours contributed to greater buyer retention and progress, Huynh stated, and it’ll proceed to shorten supply occasions. .
Mio resellers are known as Mio Companions. Huynh stated one of many driving components behind Mio is focusing on the proper folks for this system, or “housewives and stay-home-moms in decrease revenue areas who love sharing value-for-money merchandise to their social circle of buddies.”
They combination orders, often from family and friends, and orders are delivered to them in batches for distribution. The startup claims Mio Companions could make as much as $400 a month, together with a ten% fee on every order and extra commissions based mostly on the month-to-month efficiency of different resellers they referred to this system.
“There’s a robust chance” that Mio will broaden past Vietnam, Huynh stated, “however will solely be thought of at a extra acceptable time after we efficiently constructed our playbook for Vietnam.”
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