The SoBanHang team
Vietnamese bookkeeping startup focused on small retailers, SoBanHang, has secured US$2.5 million to extend its seed investment round to US$4 million.
Existing and new investors, including FEBE Ventures, Class5 (US), AlleyCorp, Trihill Capital, and unnamed angels, also joined this round.
The company will use the new investment for product development and to transform into a business operating system for micro-businesses.
A portion of the capital will be used for market education and customer acquisition. It also plans to offer SaaS subscriptions in the next quarter and later cross-selling commissions from third-party service providers and suppliers.
Launched in mid-2021 by brothers Hai Long Bui and Hai Nam Bui, SoBanHang helps small and micro enterprises build digital storefronts, sell to more customers, and manage multi-channel operations on smartphones. Its primary clients are family-owned businesses having less than five employees. Since the launch, it claims to have onboarded over 170,000 retailers with more than 30,000 new retailers per month.
SoBanHang’s partners include Viettel, UOB, HDBank, UpSell Adtech, eRUBIK, and Selly.
In August 2021, SoBanHang received US$1.5 million in seed funding from FEBE, Class 5, and individuals, such as Business Insider founder Kevin P. Ryan.
The company has an ambitious target of signing up one million business owners, helping them serve 100 million customers and generate US$100 billion in revenue by 2025.
There are more than 16 million nano and micro-businesses contributing 65 per cent of the country’s GDP through data and technologies.
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