Vietnamese POS startup KiotViet gets $6m from Jungle Ventures, Traveloka

KiotViet, a point-of-sale software provider in Vietnam, has raised US$6 million in a series A round from venture capital firm Jungle Ventures and online travel company Traveloka.

Photo credit: Citigo

KiotViet was established in 2014 as a cloud-based POS system developed by Citigo Software. It now provides omnichannel business and management software solutions catered to microbusinesses and small and medium-sized enterprises. It offers fees for as low as under US$7 per month for services that include inventory management, cash flow, and marketing.

The startup plans to use the fresh funds to extend its network to all of Vietnam’s provinces and cities and further build out its leadership team. It also looks to expand its business segments to better match the needs of microbusinesses and SMEs in the country.

According to Tri Cao, deputy general director of Citigo Software, SMEs in the country “comprise over 95% of all enterprises, contribute around 40% to gross domestic product, and employ around half of the total workforce.”

With the investment, Elsa Chandra, assistant vice president of investment for Traveloka, and Jungle Ventures principal Grace Yun Xia will join KiotViet’s board of directors. According to a statement, Jungle Ventures will advise on the startup’s business and hiring strategies to help with its expansion efforts. The KiotViet deal marks the VC firm’s first investment in a Vietnamese startup.

Since its inception, KiotViet claims to have experienced a 250% year-on-year growth, with a customer base of over 70,000 active stores in 63 provinces across Vietnam. It also said it has grown its team from 150 people in 2014 to over 900 this year.