Vietnam online grocery platform, Mio, has raised US$8 million in Series A funding, led by Jungle Ventures, supported by Patamar Capital, and angel investor, Oliver Jung.
Existing investors GGV, Venturra, Hustle Fund, iSeed Sea and Gokul Rajaram also contributed, with the round taking the total capital raised by the company since its inception to $9.1 million.
The company said the funds raised will be for expanding its fulfilment centre footprint, improving its logistics and supply-chain capabilities, and expanding to new regions of Vietnam.
“Mio is an innovative business with terrific growth potential addressing the $50Bn grocery opportunity in Vietnam,” said My Tran, VP of investments at Jungle Ventures.
“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.”
Founded in June by entrepreneurs Trung Huynh, An Pham, Long Pham and Tu Le, Mio is a group buying platform for groceries and fresh produce targeting second- and third-tier cities in Vietnam. The platform also features the Mio Partners model, which acts as resellers who acquire orders from their immediate social circle of friends & family, aggregate, place and manage orders through the Mio app.
The company currently focuses on grocery staples, including fresh produce and poultry, and plans to add packaged FMCG products and household appliances.
“Mio aims to create a virtuous ecosystem of growth for our Mio Partners and consumers,” Trung Huynh, co-founder of Mio. “We are proud to have created thousands of jobs for women in suburban districts and lower-tier cities of Vietnam.”
The investment follows Jungle Ventures recent investments in Vietnam’s leading merchant platform for MSMEs KiotViet, and Dat Bike, Vietnam’s first indigenous electric vehicle.