This January, Vietnam’s social commerce platform Mio has raised US$ 8 million in Series A funding, led by Jungle Ventures, with participation from Patamar Capital, and noted angel investor, Oliver Jung. The round also saw participation from existing investors GGV, Venturra, Hustle Fund, iSEED SEA and Gokul Rajaram. This brings the total capital raised by the company since inception to US$ 9.1 million. The company will use the fresh funds to expand its fulfillment center footprint, improve its logistics and supply chain capabilities, and expand to new geographies in Vietnam.
Founded in June 2020 by entrepreneurs Trung Huynh, An Pham, Long Pham and Tu Le, Mio is a group buying platform for grocery and fresh produce for Tier 2 and 3 cities in Vietnam offering consistent quality, at affordable prices with next day delivery. The company aims to drive financial independence for millions of Vietnamese women by democratising entrepreneurship opportunities through its Mio Partner model.
Mio Partners act as resellers who acquire orders from their immediate social circle of friends & family, aggregate, place and manage orders through the Mio app. In return, Mio partners can make up to US$ 400, earning a 10 percent commission on each order, and additional commissions based on the monthly performance of resellers they referred to the platform. Many of Mio Partners are women from smaller towns in Vietnam, according to the platform.
In the last 12 months, the company’s GMV grew by over 50 times, fulfilling over 10,000 fresh produce products every day. 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.
“Mio aims to create a virtuous ecosystem of growth for our Mio Partners and consumers. We are proud to have created thousands of jobs for women in suburban districts and lower tier cities of Vietnam. As we scale, we are excited to partner with Jungle Ventures, Patamar Capital, and our angel investors, to 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” said Trung Huynh, co-founder of Mio.
“With rising internet penetration, we are very bullish on social commerce as it will be the next driver of growth for Tier 2 & 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. We are incredibly excited to partner with Trung Huynh, An Pham and the entire Mio team to help build a long standing enterprise and extend our support in their next stages of growth,” said My Tran, Vice President Investments, Jungle Ventures.
Mio currently focuses on grocery staples, including fresh produce and poultry, and plans to add FMCG (fast-moving consumer goods) and household appliances. Going forward, the company will be investing in new fulfillment centers and supply chain initiatives to further reduce delivery time, lower costs and expand their services to more towns.