Mio, the Vietnamese social commerce platform, has raised an $8 million Sequence A, lower than a yr after asserting its seed spherical. The funding was led by Jungle Ventures, Patamar Capital and Oliver Jung, with participation from returning buyers GGV, Venturra, Hustle Fund, iSEED SEA and Gokul Rajaram.
TechCrunch first covered Mio at the time of its $1 million seed funding in May 2021. Based in 2020, Mio is a gaggle shopping for platform that focuses on promoting recent 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 permits it to ship produce straight from farms to prospects.
The Sequence A brings Mio’s whole raised to $9.1 million, and will probably be used to develop its logistics and achievement system, enter new areas in Vietnam and add new product classes like fast-moving client items (FMCG) and family home equipment.
Mio co-founder and chief govt officer Trung Huynh mentioned that since TechCrunch first coated Mio seven months in the past, it has achieved 10x gross merchandise worth progress, a 10x improve in brokers, or resellers, and grew its staff from 60 folks to 240. It now fulfills greater than 10,000 items of recent produce per day, working in Ho Chi Minh, Thu Duc, Binh Duong, Dong Nai and Lengthy An, with plans to develop into northern Vietnam.
The numbers “strengthened our conviction on this mannequin and its potential,” he mentioned. “We’d like recent capital to speed up hiring, product growth and provide chain to maintain up with the tempo of progress as we deepen our presence in present geographies and develop 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 nearly all of its logistics infrastructure and makes use of its personal fleet of couriers. Its means to supply recent produce straight from farms to prospects in lower than 16 hours contributed to larger buyer retention and progress, Huynh mentioned, and it’ll proceed to shorten supply instances. .
Mio resellers are referred to as Mio Companions. Huynh mentioned one of many driving components behind Mio is concentrating 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 associates.”
They mixture 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 sturdy risk” that Mio will develop past Vietnam, Huynh mentioned, “however will solely be thought-about at a extra acceptable time after we efficiently constructed our playbook for Vietnam.”