Vietnam-based e-commerce enabler OnPoint has raised over $8 million in Series A funding round led by Kiwoom Investment and Daiwa-SSIAM Vietnam Growth Fund II L.P, according to an announcement.
The new funding, which brings the total funding raised by OnPoint to date to an eight-digit number, will enable the company to invest in strategic technology, recruit talent, and develop data-driven capabilities to provide better services to its clients.
Founded in December 2017, OnPoint enables consumer brands in pushing their presence on e-commerce platforms, social channels, or via brand-owned websites.
The company claims that it has served more than 50 brands to date. Its clients include L’Oreal, Shiseido, P&G, Rohto, Beiersdorf, Unilever International, Watsons, Kimberly-Clark, Unicharm, CJ Group. It is on track to expand its client portfolio to 100+ brands while accelerating revenue growth in 2020.
KPMG Vietnam advised the deal while Allen & Gledhill and Allens served as legal advisors.
Kiwoom Investment is the private equity and venture capital arm of Kiwoom Securities, one of the largest financial groups in Korea.
In Vietnam, the investment firm has also recently invested in mobile game publisher Appota along with other investors including Korea Investment Partners Co. Ltd, Seoul Investment Partners Co. Ltd and Mirae Asset Venture Investment Co. Ltd, Korean Investors reported.
Daiwa-SSIAM Vietnam Growth Fund II L.P. is a Vietnam-focused private equity fund jointly managed by SSI Asset Management, a subsidiary of Vietnamese brokerage SSI Securities Inc, and Daiwa Corporate Investment Co. Ltd.
In February, we reported that SSIAM plans to launch a $100-million new fund in partnership with Japan’s Daiwa Securities Group, targeting to hit the first close at around $30-40 million by the second quarter of this year.