Temasek unit’s fund pumps $50m into Vietnam ecommerce enabler

Vietnam-based ecommerce enabler OnPoint has closed US$50 million in series B funding from SeaTown Private Capital Master Fund, a fund managed by SeaTown Holdings International, an indirect subsidiary of Temasek Holdings.

OnPoint said this is the largest private fundraising round in Southeast Asia’s ecommerce-enabler industry in the last five years.

OnPoint’s founder and CEO, Tran Vu Quang, and Seatown managing director Dickson Loo sign an investment deal / Photo credit: OnPoint

Founded in 2017, OnPoint provides a one-stop solution that helps consumer brands accelerate their online growth across multiple channels, including ecommerce marketplaces, social media platforms, and brand-owned websites. The company helps brands set up and operate online stores, manage digital marketing campaigns and customer services, warehouse products, and fulfill orders.

OnPoint’s founder and CEO, Tran Vu Quang, said the company will use the fresh funds to expand its ecosystem, recruit talent, and develop emerging technologies via a data-driven approach. OnPoint will also tap into SeaTown’s vast networks and experience in the global digital economy and consumer sectors.

In 2020, OnPoint raised over US$8 million in a series A funding round led by South Korea’s Kiwoom Investment and Daiwa-SSIAM Vietnam Growth Fund II.

See also: The rising and major players in Vietnam’s ecommerce scene

The company’s products include Galaxy, a management tool for digital marketing campaigns, and the recently launched OctoSells, a software-as-a-service product that helps smaller merchants manage online stores. The Vietnamese firm’s portfolio includes over 150 brands from various industries such as health and beauty, fashion, electronics, pharmaceuticals, and fast-moving consumer goods.

In Vietnam, SeaTown has most recently participated in a US$350 million raise by consumer retail platform The CrownX, and it has bought a 36% stake in restaurant operator Golden Gate Group, alongside two other Singapore-based entities.