Vietnamese B2B startup KiotViet raises $45m from KKR, Jungle Ventures

Hanoi, Vietnam. Photo: Florian Wehde

Vietnamese B2B startup KiotViet, a merchant platform for micro, small, and medium enterprises (MSMEs), has raised $45 million in a Series B funding round from global private equity powerhouse KKR, with participation from existing investor Jungle Ventures.

Kasikorn Bank and family office Cao Viet My also participated in the latest funding round.

KKR’s investment in KiotViet has been conducted through its Asian private equity fund.

“Our investment in KiotViet marks our sixth in Vietnam and is the first made through KKR’s growth technology strategy in Southeast Asia. This milestone reflects our commitment to providing high-growth technology companies – including those at an earlier stage – with long-term capital and value-added support,” said Ashish Shastry, Co-Head of Asia Pacific Private Equity and Head of Southeast Asia at KKR.

KKR’s recent investments in Asia include Indian eyewear retailer Lenskart, Chinese DTC dairy firm Adopt A Cow, Japanese QR code payment gateway NetStars, and Chinese edtech firm Walnut Programming.

KKR most recently invested in Vietnamese education services provider EQuest Education Group to fuel the latter’s expansion plans. KKR also led real estate developer Vinhomes’s $650-million round and animal feed producer Masan MEATLife’s (formerly known as Masan Nutri-Science) $359 million financing.

Founded in 2014, KiotViet provides cloud-based POS solutions for Vietnamese SMEs. It offers omnichannel business and management software solutions that include inventory management, cash flow and marketing.

The company claims that it is serving over 110,000 MSME customers to date.

The company has expanded to offer a B2B procurement marketplace and integrated logistics services for its merchants and plans to leverage its platform to provide financial services solutions such as payments and lending to customers.

“The addition of this new capital will only enable them to provide more services to small businesses, who as a segment are a major contributor to GDP throughout SE Asia,” said Jungle Ventures managing partner David Gowdey.

KiotViet last raised about $6 million in its Series A round from Singapore-based VC firm Jungle Ventures and Indonesian unicorn Traveloka.

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.