Mio co-founders
Vietnamese social commerce platform Mio has received a US$8 million Series A round of investment, led by Jungle Ventures.
New investor Patamar Capital, angel investor Oliver Jung, existing backers GGV Capital, Venturra, Hustle Fund, iSEED SEA and Gokul Rajaram also co-invested.
This brings Mio’s total capital raised to date to US$9.1 million.
Mio will use the fresh funds to expand its fulfilment centre footprint, improve its logistics and supply chain capabilities, and expand into new geographies in Vietnam.
Founded in June 2020 by serial entrepreneurs Trung Huynh, An Pham, Long Pham and Tu Le, Mio is a group buying platform for grocery and fresh produce. Every day, Mio fulfils 10,000 daily orders to tens of thousands of households in Ho Chi Minh city and its surrounding lower-tier cities via its agent network. It delivers fresh produce orders directly from the farm to the table in less than 16 hours.
The company currently focuses on grocery staples, including fresh produce and poultry. It plans to add FMCG (fast-moving consumer goods) and household appliances. In the future, the company will be investing in new fulfilment centres and supply chain initiatives to reduce delivery time further, lower costs and expand its services to more towns.
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The startup said in a press note that it aims to drive financial independence for millions of Vietnamese women by democratising entrepreneurship opportunities through its Mio Partner model. Many of these partners are women, who act as resellers who acquire orders from their immediate social circle of friends and family, aggregate, place and manage orders through the Mio app. In return, the partners can make up to US$400, earning a 10 per cent commission on each order and additional commissions based on the monthly performance of resellers they referred to the platform.
The company claims it has witnessed tremendous success in the last 12 months, with its GMV growing by over 50x, fulfilling over 10,000 fresh produce products every day.
Today, Mio is present across Ho Chi Minh, Binh Duong, Dong Nai, Long An and will be expanding to the northern region of Vietnam in the coming months.
Co-Founder Trung Huynh said: “Mio aims to create a virtuous ecosystem of growth for our Mio Partners and consumers. We have created thousands of jobs for women in suburban districts and lower-tier cities of Vietnam. As we scale, we will continue to drive financial independence among more women in Vietnam, expand our services to more markets, and serve our consumers with better products and service.”
My Tran, VP (Investments) at Jungle Ventures, said: “With the rising internet penetration, we are very bullish on social commerce as it will be the next driver of growth for tier 2 and 3 towns in the region, racing ahead of traditional commerce models, as consumers demand at par choice, experience and service. Mio is an innovative business with terrific growth potential addressing the US$50 billion grocery opportunity in Vietnam.”
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Image Credit: Mio
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