The successful fundraising will help Onpoint solidify its market leading position and invest in technology to expand ecommerce demand creation and demand fulfillment solutions to better serve its clients. — Photo courtesy of OnPoint

Viet Nam-based e-commerce enabler OnPoint closed over US$8 million in Series A funding round to accelerate its revenue growth and develop innovative e-commerce solutions for its roster of blue chip clients.

Leading this Series A consortium round is Kiwoom Investment and DAIWA-SSIAM Vietnam Growth Fund II L.P. This marks one of the largest Series A rounds in Viet Nam in recent months amid the ongoing global COVID-19 pandemic.

The new funding, which brings the total funds raised by OnPoint to date to an 8-digit number, will enable the company to invest in strategic technology developments, recruit new talents, and develop data-driven capabilities to provide better services to its clients.

“We realised that the e-commerce landscape in Viet Nam is evolving extremely fast and almost on a daily basis. We want OnPoint to become the No.1 E-commerce enabler in Southeast Asia, provide the cutting-edge solutions that help brands to capture growth opportunities at the right time and in a sustainable way,” said OnPoint co-founder and CEO Tran Vu Quang.

Founded in December 2017, OnPoint is the market leader in Viet Nam’s market for e-commerce enablers. The company provides one-stop solutions that enable consumer brands in turbo-charging their online sales and online presences on e-commerce platforms, social channels or via brand-owned websites.

The company accomplishes this via two distinctive but intertwining business offerings, including distribution services and e-commerce solution services.

In 2019, OnPoint served more than 50 brands. The company is on track to expand its client portfolio to 100+ brands while accelerating revenue growth in 2020.

The successful fundraising right will help Onpoint solidify its market leading position and invest in technology to expand ecommerce demand creation and demand fulfillment solutions to better serve its clients. For the leaders of OnPoint, their ambition is to be No.1 in South East Asia market, and staying No.1 in Viet Nam is what they will definitely do to reach the goal.

Viet Nam is one of the two pacesetters in Southeast Asia – the other being Indonesia – in terms of its internet economy, which is growing in excess of 40 per cent a year, according to the e-Conomy SEA 2019 report by Google, Temasek Holdings and Bain. — VNS