The fundraising is supported by Binh Tran, former co-founder of social marketing platform Klout, and Eddie Thai, a local startup advisor, together with an international syndicate of angel investors.
Tran and Thai have been recently chosen as the Vietnamese investment partners for the venture capital firm 500 Startups. Their association with Taembe, makes it a distinctly possible that the US-based VC might look at a future investment in the portal.
Meanwhile, Taembe.com CEO, Don Phan, did not comment on any possibilities of 500 Startups involvement in his company.
Prior to the seed round, the Vietnamese startup had secured investment from angel investors, Phan said, without giving additional details of the angel funding round.
“Swiss Founders Fund was the ideal choice for us because its partners know how to build sustainable businesses in Southeast Asia,” Phan commented.
“The investment highlights the growing attractiveness of Vietnam as a place to build tech businesses,” he said.
Vietnam has a young growing population that could touch 100 million people, with 1.5 million babies born every year. About 64 per cent of the population is under the age of 35.
According to a recent Nielsen report, Phan stated, more than a tenth of consumers in Vietnam have a baby below the age of one in their household, the highest level in the region and 100 per cent higher than the global average of five per cent. Another 19 per cent of local consumers have children aged one to two years old, in comparison to just nine per cent globally.
Taembe.com (“Ta em be” – Vietnamese for baby diapers) was initially launched as an e-commerce platform to sell diapers and other baby products, and has now diversified its services to include other bulky home consumables, such as detergents.
According to Phan, the business is fast approaching profitability and has seen revenue growth of 20 per cent month-over-month, this year.
“We’ve been following developments in Vietnam closely and we believe the baby market is a winner-take-most market. Taembe.com has the most traction and is the most likely to win the market,” said Patrick Degen, partner, Swiss Founders Fund.
This year, Taembe.com, along with shopping discovery app Wiindi, became the first Vietnamese startup to graduate from the JFDI‘s (Joyful Frog Digital Incubator) accelerator programme, following an investor demo day in July.
Taembe.com CEO, Don Phan, was previously the co-founder and managing director of Zalora Vietnam and Foodpanda Vietnam. Meanwhile, his co-founder, technologist Jason Smith, joined the startup following his exit of free hosting service IrisCouch last year, selling to New York-headquartered cloud platform Nodejitsu.