B2B startup KiotViet lands $6 million from foreign investors
A woman paying at a check-out desk in a Ho Chi Minh City supermarket. Photo by VnExpress/Phuong D. Nguyen.
KiotViet, a store management software provider launched in 2014, offers cloud-based point-of-sale sales management solutions to small and medium-sized enterprises.
The $6 million would be used to accelerate its expansion, especially in remote areas, persify service segments and develop its leadership team, the company said.
Elsa Chandra, Assistant Vice President of Investment at travel booking startup Traveloka, and Grace Yun Xia, principal at Jungle Ventures, will join KiotViet’s management team.
KiotViet provides services to over 70,000 stores around the country.
It has been growing at 250 percent a year since its inception, and enlarged its payroll from 150 to 900 in 2019, said Cao Trong Kim Tri, Deputy General Director of Citigo Software, the company that owns KiotViet.
Jungle Ventures will help with the Vietnamese company’s expansion by advising on business strategy and hiring key personnel. It will also help KiotViet collaborate with more ecosystem players and explore future regional expansion.
"Vietnam is one of the most exciting markets in Southeast Asia to look at right now. Currently, around 66 percent of the country’s relatively young population of over 96 million people are connected to the Internet and we’re seeing an explosion in tech-focused retail areas such as e-commerce," said Yun Xia.
This is also the first time the Singaporean venture capital fund is investing in Vietnam, according to an official Jungle Ventures announcement.
Vietnamese startups raised a total of $899 million in 2018, most of which came to businesses targeting the consumer market such as e-commerce and fintech companies, according to Hanoi-headquartered multinational edu-tech company Topica.
Related News
Focusing on the "readiness" factor waiting for foreign investors in the high-tech field
20:14 | 18/05/2024 Import-Export
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines
Vietnamese stocks on FTSE Russell waiting list for upgrading
10:41 | 04/04/2024 Finance
The Minister of Finance chaired the Vietnam - Korea Financial Investment Promotion Conference
10:19 | 09/03/2024 Finance
Latest News
Exploiting the potential of Dong Nai's largest seaport
20:12 | 18/05/2024 Import-Export
Hanoi calls for investments in six urban areas projects
20:11 | 18/05/2024 Import-Export
The food industry aims to green packaging
09:56 | 18/05/2024 Import-Export
"The key" to growth motivation for enterprises
09:55 | 18/05/2024 Import-Export
More News
Exports of four localities achieve tens of billions of USD
20:26 | 17/05/2024 Import-Export
Rapid greening of the logistics sector to avoid being "eliminated"
20:24 | 17/05/2024 Import-Export
25 out of 28 northern localities report positive industrial production
20:22 | 17/05/2024 Import-Export
Dong Nai remains magnet for foreign investors
20:18 | 17/05/2024 Import-Export
Vietnamese steel affirms position in world market
20:16 | 17/05/2024 Import-Export
Five commodities worth billion dollar exported to China
07:40 | 17/05/2024 Import-Export
Promoting reforms and supporting businesses to spread farther
07:39 | 17/05/2024 Import-Export
Five groups of billion-dollar export commodities to China
09:58 | 16/05/2024 Import-Export
Footwear faces concerns about new regulations in export markets
14:39 | 15/05/2024 Import-Export
Your care
Focusing on the "readiness" factor waiting for foreign investors in the high-tech field
20:14 | 18/05/2024 Import-Export
Exploiting the potential of Dong Nai's largest seaport
20:12 | 18/05/2024 Import-Export
Hanoi calls for investments in six urban areas projects
20:11 | 18/05/2024 Import-Export
The food industry aims to green packaging
09:56 | 18/05/2024 Import-Export
"The key" to growth motivation for enterprises
09:55 | 18/05/2024 Import-Export