Vietnam’s new retail firm Seedcom raises funding from Thai lender KVision

Vietnam-based ‘new retail’ firm Seedcom has raised fresh funding from Thai lender Kasikornbank’s investment holding company KVision, per an announcement.

While the quantum of investment was not specified by the company, according to a recent ACRA filing, the Thai bank pumped in $5 million in Ficus Asia, which was set up with the purpose of raising capital for Seedcom.

The investment was routed through KVision’s own VC fund Beacon Venture Capital, the filing further showed.

According to the announcement, both Seedcom and KVision plan to work together to provide merchants and customers in Vietnam with financial services, including payment solutions, SME lending and other adjacent services such as insurance and wealth management.

“We share a common goal with KVision in promoting non-cash transactions and financial inclusion in Vietnam. Even though cash is still king here, we believe the market is ready for disruption,” said Nguyen Hoanh Tien, CEO at Seedcom.

Kasikornbank, which has a local branch in Ho Chi Minh City, earlier this year said, Vietnam has “tremendous potential” for digital enabler solutions.

Seedcom, established in 2014, has raised capital in quite a few tranches of late. It recently garnered $10 million from ReDefine Capital Fund, the Singapore-registered arm of China’s eWTP Technology Innovation Fund. The latter had earlier pumped in $50 million in Ficus in October 2020.

Seedcom has also raised $11 million from WG SVN Limited earlier this year, show ACRA filings.

Its largest shareholder is currently Aurora Global that holds a majority 58.5% stake in the company, followed by ReDefine Capital Fund that owns 20.63% stake, according to DealStreetAsia’s DATA VANTAGE. Its other investors include Mizuho ASEAN Investment and Virgin Islands-domiciled The Quaternary Group.

Seedcom declined to comment on the specifics of the fundraising data.

The Vietnamese firm was founded by local entrepreneur Dinh Anh Huan along with four others, as a venture builder. The company pivoted to the new retail model in 2019.

Seedcom houses a portfolio of tech, F&B, fashion retail, groceries and other consumer products, with brand names such as The Coffee House, Juno, HNoss, KingfoodMart, Haravan, iPOS, Temasek-backed SCommerce, and KKR-backed KiotViet.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.