Vietnamese e-commerce enabler OnPoint has raised over USD 8 million in Series A funding led by South Korea’s Kiwoom Investment and Daiwa-SSIAM Vietnam Growth Fund II. The latest round brings OnPoint’s total capital raised to an eight-digit figure, the company said in a statement.
The startup will use the new funds to recruit new employees as well as develop data-driven capabilities and strategic tech to expand e-commerce demand creation and demand fulfillment solutions, according to a statement.
Founded in December 2017, OnPoint provides one-stop solutions to help brands sell and establish an online presence on e-commerce platforms, social channels, and their own websites.
It directly manages brands’ online stores, covering product listing, pricing, customer service, and order fulfillment, among others. It also helps businesses formulate, manage, execute, and measure strategic online marketing campaigns and commercial management capabilities.
“Our mission is to empower consumer brands in not just navigating, but also growing and thriving in this ever-changing ecosystem,” said OnPoint co-founder and CEO Tran Vu Quang. “We see ourselves not just as an extending arm in online demand creation and demand fulfillment, but also a strategic partner for brands who helps facilitate their multitude interactions with online netizens.”
Revenue to double in 2020
In 2019, OnPoint said it has served more than 50 brands, including L’Oreal, Shiseido, Unicharm, Procter & Gamble, Kimberly-Clark, Nivea, Mango, and Bosch. It is looking to expand its client portfolio to 100 brands and double the revenue in 2020, the company said.
OnPoint was built by Quang and Le Xuan Long, who were former C-level executives at Alibaba-backed e-commerce giant Lazada. According to the statement, OnPoint also has team members that previously worked at other e-commerce firms like Shopee, Tiki, and Lotte.
This article first appeared in Tech in Asia.