Mio, a Vietnamese social commerce business focused on smaller communities, has raised $8 million in Series A funding
- ByStartupStory | January 18, 2022
Mio, a Vietnamese social commerce network, has received a $8 million Series A investment, less than a year after its seed round. Jungle Ventures led the round, with Patamar Capital and Oliver Jung joining as well. GGV, Venturra, Hustle Fund, iSEED SEA, and Gokul Rajaram were among the existing investors who returned for the round.
Mio was initially covered by TechCrunch in May 2021, when it received $1 million in venture funding. Mio is a group buying platform that specialises on selling fresh produce and groceries in Vietnam’s Tier 2 and 3 cities. It was founded in 2020. Because it established a logistics system that allows it to transfer product straight from farms to customers, the company can offer next-day delivery.
Mio has secured $9.1 million in total, which will be used to enhance its logistics and fulfilment system, expand into new areas in Vietnam, and introduce new product categories such as fast-moving consumer goods (FMCG) and household appliances.
Mio co-founder and CEO Trung Huynh claimed that since TechCrunch first reported on the company seven months ago, it has grown by tenfold in terms of gross merchandise value, tenfold in terms of agents, or resellers, and tenfold in terms of headcount, from 60 to 240. It already fulfills over 10,000 fresh produce orders every day in Ho Chi Minh City, Thu Duc, Binh Duong, Dong Nai, and Long An, with plans to expand into northern Vietnam.
Mio is able to provide next-day deliveries because of its vertical integration of the value chain’s major layers, which include procurement, warehousing, order sorting, and bulk delivery. The startup owns and operates its own fleet of couriers, as well as the majority of its logistics infrastructure.
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