Cloud-based startup CNV secures $1m seed funding from Wavemaker Partners

Wavemaker Partners co-founder Paul Santos / Photo credit: Paul Santos’ LinkedIn Page

CNV, a Vietnamese cloud-based business and marketing solutions provider, has secured US$1 million in seed funding from US- and Singapore-headquartered VC firm Wavemaker Partners.

Last week, CNV said its latest funding comes after the company’s “stellar performance” in 2022 and 2023.

The company particularly highlighted 2023 as an important milestone in its development for the launch of its Zalo mini apps – which created an app-in-app experience that enabled businesses to acquire users at lower costs and engage them in a “deeper and more seamless manner.”

CNV counts multinational corporations, SMEs, and government agencies among its 20,000 customers.

Founded by Nguyen Tuan Phu and Do Dang Khoa in 2020, CNV offers digital transformation software-as-a-service (SaaS) products and marketing services targeting MSMEs and enterprises in Vietnam.

It aims to help these entities optimize their client-facing and back-end customer data platform analysis activities, and also “achieve sustainable growth” via marketing, loyalty, and ecommerce activities.

CNV’s tools include gamification, automation marketing, and customer data platforms (CDPs).

Since its founding, the company has reported 250% growth in revenue and customers acquired, with US$30 million in annual gross merchandise value over 94,000 orders.

CNV chief executive Phu Nguyen said the company’s goal this year, with the funding from Wavemaker, is to become a “no-code sales and customer care platform.”

“Wavemaker Partners is proud to support CNV in its next phase of growth to help hundreds of thousands of businesses in Vietnam drive meaningful results with their sales and customer engagement using CNV’s comprehensive CDP and loyalty SaaS products,” added Phuong Tran, principal at Wavemaker Partners.