Vietnam-based startup Mio has raised USD 1 million in its seed funding round as announced on May 21, 2021.

The round was co-led by Venturra Discovery and Golden Gate Ventures. Other members of the round were iSeed SEA, DoorDash executive Gokul Rajaram, and Vidit Aatrey and Sanjeev Barnwal, co-founders of Indian social commerce unicorn Meesho. 

The startup aims to use its funding on expanding itself into five other cities and on its distribution center and for hiring its tech and product teams. It even aims to add more personalized options for product categories and resellers, as a help to them to build their own brand identities. 

About Mio

Founded in 2010, by Trung Huynh, An Pham, Tu Le, and Long Pham, Mio is a social commerce company that takes the advantage of the gap between the large cities and small cities by building a reseller network and logistic infrastructure that can provide the next day delivery to tier 2 and tier 3 cities.  It currently focuses on fresh groceries such as fruits, vegetables, and meat and is planning to move into other categories. 

Using the Mio platform, resellers can sell products to their network via social media channels like VNG’s chat app Zalo, Facebook, TikTok, and Instagram. The buyers can place their order on Mio’s app and website or can even contact the seller directly and the product will be delivered the next day and the customers can pay them by cash. 

The startup currently has 130 daily active resellers who can complete around 20 orders per day. Most of the resellers are women who can earn from 2 million Vietnamese Dong (US$86.92) to 8 million Vietnamese Dong (US$347.69) in additional income per month by charging a 10% commission on each order. 

The startup currently has one Fulfilment center in Thu Duc City, a suburban area in HO Chi Minh City.

This concept of a startup is the same as another social commercial startup in Indonesia called Super, which last month raised USD 28 million led by SoftBank Ventures Asia. Super does not operate in Jakarta and only focuses on Eastern Java province.  

What does the CEO say?

“After we can understand the market and the best way to operate, then we will multiply to other regions along with the next round of funding,”

We try our best to fact-check and bring the best, well-researched, and non-plagiarized content to you. Please let us know

-if there are any discrepancies in any of our published stories,

-how we can improve,

-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!

Previous articleKarbon card raises USD 1.2 Million in pre-series A round
Next articleNextBillion.ai raises $6.25M in Series A round
A reader and a finance and research enthusiast

LEAVE A REPLY

Please enter your comment!
Please enter your name here