The Qugo team
Quqo, an asset-light B2B distribution platform that connects buyers, suppliers and end-consumers in the FMCG sector in Vietnam, has secured US$1 million in seed funding from Touchstone Partners.
The funds will enable Quqo to grow its team and customer base and expand its distribution network across the country.
Quqo is an online platform aiming to unlock the full potential of local mom-and-pop store (tap hoa) owners, FMCG suppliers and distributor partners via a broad offering of digital products and services. Its B2B platform and SaaS tool enable store owners to browse for the best product offer through a “simplified and accelerated procurement process”.
The startup entered Vietnam in 2020 and has onboarded over 40 distributors, supporting over 5,000 stores across Ho Chi Minh City. It claims to have grown 11x in GMV since the start of 2022.
Also Read: Touchstone Partners launches ‘no-frills’ incubation programme in Vietnam
The team plans to expand its reach to Da Nang, Ha Noi, and other major cities in Vietnam in 2023.
Jaime Roldan, CEO and Co-Founder of Quqo, said: “Vietnam’s traditional retail supply chain is made up of over 1.4 million stores. We noticed that distribution in Vietnam’s FMCG sector currently comes at different levels, from manufacturers to retailers, and is overly complex and manual. Our platform connects suppliers and buyers through digitalisation.”
Bobby Liu, Director of EiR at Touchstone Partners, commented: “The tap hoa and local pharmacies are ubiquitous in neighbourhoods in cities and towns across Vietnam. Quqo’s solution gives these small, locally owned businesses an easy-to-use tool to connect them with a network of suppliers and efficiently purchase and manage inventory. Tools like Quqo’s are critical for these small businesses to compete effectively against bigger chain stores and continue to be important cornerstones in their local communities.”
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