Former Lazada execs’ OnPoint snaps up $8m to double down on Vietnam

Vietnamese ecommerce enabler OnPoint has raised over US$8 million in series A funding led by South Korea’s Kiwoom Investment and Daiwa-SSIAM Vietnam Growth Fund II. The latest round brings OnPoint’s total capital raised to an eight-digit figure, the company said in a statement.

Photo credit: OnPoint

The startup will use the new funds to recruit new employees as well as develop data-driven capabilities and strategic tech to expand ecommerce demand creation and demand fulfillment solutions, according to a statement.

Founded in December 2017, OnPoint provides one-stop solutions to help brands sell and establish an online presence on ecommerce platforms, social channels, and their own websites.

It directly manages brands’ online stores, covering product listing, pricing, customer service, and order fulfillment, among others. It also helps businesses formulate, manage, execute, and measure strategic online marketing campaigns and commercial management capabilities.

“Our mission is to empower consumer brands in not just navigating, but also growing and thriving in this ever-changing ecosystem,” said OnPoint co-founder and CEO Tran Vu Quang. “We see ourselves not just as an extending arm in online demand creation and demand fulfillment, but also a strategic partner for brands who helps facilitate their multitude interactions with online netizens.”

See also: Ex-Lazada duo focus on Vietnam with ecommerce enabler

In 2019, OnPoint said it has served more than 50 brands, including L’Oreal, Shiseido, Unicharm, Procter & Gamble, Kimberly-Clark, Bosch, Watsons, Aldo, among others. It is looking to expand its client portfolio to more than 100 brands and accelerate revenue growth in 2020, the company said.

OnPoint was built by Quang and Le Xuan Long, who were former C-level executives at Alibaba-backed ecommerce giant Lazada. According to the statement, OnPoint also has team members that previously worked at other ecommerce firms like Shopee, Tiki, and Lotte.