Vietnam e-commerce enabler OnPoint raises $8m

Daiwa-SSIAM Vietnam Growth Fund II, a $39.4 million joint venture between Japan’s Daiwa and locally-based SSI Asset Management, also participated.  

OnPoint was founded in late 2017 by two former executives at Lazada, a Southeast Asia-focused online retailer owned by Alibaba Group. It has provided e-commerce services to more than 50 brands with a strong focus on lifestyle, beauty, and fashion. Clients include L’Oreal, Kimberly Clark, Unilever, and Nivea. 

Core competencies include customer engagement support, inventory and commercial strategy, online advertising and branding, and logistics management. These service areas leverage a range of technologies, including customer-facing data analytics systems and software-based dashboards for supply chain management.

OnPoint plans to use the fresh capital to hire additional staff and develop new technologies, including data-related capabilities. It aims to be the leading e-commerce enabler in Southeast Asia. Competitors in the region include Philippines-based Great Deals E-commerce, which raised $12 million earlier this year from Navegar. 

Kiwoom Investment is a division of IT and financial technology developer Daou Kiwoom Group that was set up in 1999. The VC manages eight funds and has $332 million in assets under management. It has invested around KRW700 billion in more than 450 companies and claims to have achieved annual IRR rates of 12% or more since 2007.

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• Topics
• Southeast Asia
• Support services
• Consumer
• Early-stage
• Vietnam
• Daiwa SMBC Capital Asia Limited
• e-commerce
• Logistics