(L-R) OpenCommerce Co-Founders Quan Truong and Phuong Anh Ha
Vietnam-based cross-border e-commerce startup OpenCommerce Group (OCG) has received US$7 million in a Series A round of financing.
Local unicorn VNG Corporation led the round, with early-stage VC firm Do Ventures participating.
Headquartered in Hanoi with offices in San Francisco (US) and Shenzhen (China), OpenCommerce Group provides a one-stop service for veteran and zero-experience online sellers “with low risk and low cost”.
Within the two years of the launch, the platform claims to have helped more than 86,700 sellers from 195 countries establish their e-commerce stores internationally, generating US$670 million in GMV.
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The firm’s vision is to provide a tech solution that empowers local entrepreneurs and SMEs to bring Vietnamese products to global consumers. It offers three products — ShopBase, PrintBase, and PlusBase — which make dropshipping and print-on-demand easier and more scalable. These tools equip users with a collection of automated tools to support entrepreneurs with order management, marketing, shipping, payments, and everything required for a flourishing online business.
“We will utilise the new capital for product improvements so that we can better support our existing users and reach out to new customer segments, thus unlocking entrepreneurship opportunities for sellers of all ages and backgrounds. Besides Europe and the US, we will focus on gaining major market share in China as well as expanding to Southeast Asian countries in 2022,” said Quan Truong, Co-Founder and CEO of OCG.
The coronavirus pandemic has presented Vietnam’s economy with unprecedented challenges, causing negative impacts across industries and a high unemployment rate. Meanwhile, there is an increasing opportunity for retailers of all sizes to take advantage of e-commerce’s hyper-growth thanks to the rapid online adoption triggered by COVID-19.
Using OpenCommerce Group’s platforms, users can start dropshipping and print-on-demand businesses, in which they can sell merchandise to customers without holding any physical inventory or operational burdens.
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