Focused on smaller cities, Vietnamese social commerce startup Mio raises $8M Series A

Less than a year after announcing its seed round, the Vietnamese social commerce platform has raised an $8 million Series A. The funding was led by Jungle Ventures, Patamar Capital and Oliver Jung, with participation from returning investors GGV, Venturra, Hustle Fund, iSEED SEA and Gokul Rajaram.

The first time that Mio was covered was in May of 2021. In Vietnam, Mio is a group buying platform that sells fresh produce and groceries in Tier 2 and 3 cities. Next day delivery is possible because the company built a logistics infrastructure that allows it to send produce directly from farms to customers.

A social commerce startup focused on smaller cities and rural areas in Vietnam has raised $1 million.

The Series A raised $9.1 million and will be used to expand the fulfillment system and enter new areas in Vietnam.

Since it was first covered by TechCrunch seven months ago, the company has achieved 10x gross merchandise value growth, a 10x increase in agents, and a 10x team growth. It now has more than 10,000 pieces of fresh produce per day and plans to expand into northern Vietnam.

He said the numbers strengthened his conviction in the model. We need fresh capital to keep up with the pace of growth as we deepen our presence in existing geographies and expand to new provinces.

The vertically integrated mayor layers of the value chain, including procurement, warehousing, order sorting and bulk delivery, allow for next day deliveries. The startup has its own fleet of couriers. The ability to deliver fresh produce directly from farms to customers in less than 16 hours contributed to higher customer retention and growth.

They are called Mio Partners. One of the factors behind the program is targeting the right people for the program, which is either house wives or stay-at- home mothers in lower income regions who love sharing value-for-money products to their social circle of friends.

They aggregate orders from friends and family and then deliver them in batches. According to the startup, Mio Partners can make up to $400 a month, including 10% commission on each order and additional commission based on the monthly performance of other resellers they referred to the program.

There is a chance that Mio will expand beyond Vietnam, but it will only be considered at a more appropriate time after we successfully built our playbook for Vietnam.

Super is an Indonesian hyperlocal social commerce startup.