E-commerce enabler OnPoint raises $50 million from Singapore fund
OnPoint has successfully raised $50 million in a series B fund-raising round from SeaTown Private Capital Master Fund managed by SeaTown Holdings International, an indirect wholly-owned subsidiary of Singapore’s Temasek Holdings.
Vietnamese e-commerce enabler OnPoint has closed 50 million USD in series B funding from SeaTown Private Capital Master Fund.(Photo: VNA)
This is the largest private investment in the Southeast Asian e-commerce enabler industry in the last five years.
It will enable OnPoint - an e-commerce enabler in Vietnam - to further invest in omni-channel marketing and sales solutions besides tapping into SeaTown’s vast network and experience in the digital economy and consumer sectors across Southeast Asia and globally.
Dickson Loo, managing director of SeaTown, said: “In one of the fastest-growing e-commerce markets globally, OnPoint has proven to be the best-in-class e-commerce enabler supporting a large portfolio of local and international brands.
“We strongly believe that, with its unparalleled experience and capabilities, OnPoint is well-positioned to capture the growth of the Vietnamese e-commerce industry and solidify its position as an integral part of the value chain.”
Tran Vu Quang, OnPoint founder and CEO, said: “We pioneered the number one Southeast Asian e-commerce enabling solution to connect brands, platforms, logistics partners, and shoppers.
“SeaTown is a valuable partner for us, given their long-term vision and a wealth of experience in the global digital economy.”
The company would use the money to expand its e-commerce enabling eco-system, strengthening talent and capabilities and developing emerging technologies with a data-driven approach.
Founded in 2017, OnPoint provides a one-stop solution that enables consumer brands to accelerate their online growth on multiple channels including e-commerce marketplaces, social media platforms and brand-owned websites.
After a successful series A round in 2020, it has focused on developing proprietary technologies to integrate and co-ordinate a network of service partners, utilising data and automating processes to streamline their operations.
Its most advanced solution, Galaxy, is a digital marketing campaign management tool that leverages the power of big data, AI and machine learning.
OnPoint has also launched OctoSells, a Software-as-a-Service product to help SME merchants manage online stores.
Last year, it was the only e-commerce solution provider in Vietnam to win the ‘Shopee Premium Certified Enabler’ and ‘Lazada Best Partner Vietnam’ awards.
It also received the Technode ORIGIN Innovation award in the e-commerce category and was listed among the Top 500 Largest Private Enterprises in Vietnam in 2021 (VNR500)./.
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