Temasek-linked SeaTown injects $50m into Vietnamese e-commerce enabler OnPoint
Summary
Vietnam-based e-commerce solutions provider OnPoint has closed a $50 million Series B fundraising from SeaTown Private Capital Master Fund, which is managed by SeaTown Holdings International, an indirect wholly-owned subsidiary of Singapore state investor Temasek.This is the largest private funding round in the Southeast Asian e-commerce enabler industry in the last five years, according to OnPoints statement.The investment is understood to be channeled through OnPoint Holdings Pte Ltd, a Singapore-domiciled entity that owns 99.98% of OnPoint.OnPoint said it will use the fresh capital to continue expanding its e-commerce enabling ecosystem, strengthening talents and capabilities, and developing emerging technologies with a data-driven approach.In addition, the partnership with SeaTown will allow the Vietnamese company to tap into its new investors vast networks and experience in digital economy and consumer sectors across Southeast Asia and globally. Most recently, SeaTown has backed Masan Groups integrated retail platform The CrownX, and restaurant chain Golden Gate Group in Vietnam.Dickson Loo, managing director at SeaTown, said that OnPoint has secured a large portfolio of local and international brands in one of the fastest-growing e-commerce markets globally.Since its founding in 2017, OnPoint has assisted consumer brands to accelerate their online growth on multiple channels including e-commerce marketplaces, social media platforms, and brand-owned websites. The companys capabilities range from setting up and operating online stores for brands to managing digital marketing campaigns, customer services, warehousing and order fulfillment.Its technology includes Galaxy, a digital marketing campaign management tool, and OctoSells, a SaaS product to help SME merchants manage online stores.In April 2020, OnPoint raised over $8 million in a Series A funding round led by South Koreas Kiwoom Investment and Daiwa-SSIAM Vietnam Growth Fund II, a Vietnam-focused private equity fund jointly managed by Vietnam-based SSI Asset Management and Daiwa Corporate Investment Co Ltd.Without revealing the companys geographic expansion plans, Tran Vu Quang, founder-cum-CEO of OnPoint, said he wished to develop the business as a platform that creates impacts to all participants of the Southeast Asian e-commerce economy.OnPoints client base includes more than 150 brands across different consumer sectors, such as LOreal, Shiseido, Unicharm, P&G, Unilever International, Nestl\xe9, LG, Panasonic, and Mondelez.In Vietnam, its major competitors are KKRs portfolio company KiotViet and venture capital-backed Sapo Technology. Meanwhile, its Thai peer, IPO-bound aCommerce, is planning to foray into Vietnam after having established footprints in five Southeast Asian markets, including Thailand, Singapore, Malaysia, Indonesia and the Philippines.