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.