E-commerce startup raises $7 mln

Vietnam e-commerce startup OpenCommerce Group has raised $7 million in a Series A funding round led by internet company VNG and venture capital firm Do Ventures.

The Hanoi-based company, which provides tech solutions for sellers to create and manage their online stores with no inventory costs required, said it has supported 86,700 small and medium enterprises in 195 economies after two years of establishment.

The company, which also offers print-on-demand services for sellers to create and distribute unique clothing designs, has recorded a gross merchandise value of $670 million to date.

Quan Truong, co-founder, and CEO, said the company would use the funding to reach new sellers, with a focus on Europe, the U.S., China, and Southeast Asia this year.

Vietnamese startups attracted investments of over $1.3 billion in 2021, four times the previous year’s figure, according to the National Agency for Technology Entrepreneurship and Commercialization Development.

The country is set to exceed Thailand by 2025 to become the second-biggest internet economy in Southeast Asia with a scale of $57 billion, behind Indonesia at $146 billion, according to the e-Conomy Southeast Asia 2021 report by Google, Temasek, and Bain & Co.