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.