Focused on smaller cities, Vietnamese grocery platform Mio secures $8 mln Series A
The funding was led by Jungle Ventures, with participation from Patamar Capital and Oliver Jung. Existing investors GGV, Venturra, Hustle Fund, iSEED SEA and Gokul Rajaram also returned for the round.
With the round, startup has raised $9.1 million. It said the funds will be for expanding its fulfilment centre footprint, improving its logistics and supply-chain capabilities, and expanding to new regions of Vietnam, reported Techcrunch.
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.
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.
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