VinaCapital Ventures announced on Wednesday that it is leading a funding round in Vietnamese social platform Ecomobi to facilitate the latter’s expansion plans.
Joining the round are Korean investors GS Shop, Naver Corporation and LINE Ventures, and Ecomobi’s existing backer ESP Capital. Financial terms were not disclosed.
DealStreetAsia first broke the news in July, when sources familiar with the company told us that the deal size is about $4-5 million. Ecomobi declined to comment on the number.
Ecomobi, a startup that connects merchants with publishers and KOLs to promote commerce via social media, will use the funding to expand its operations in Malaysia and the Philippines by next year, according to Thanh Truong, CEO and founder of the company.
The company is currently present in Indonesia, Thailand and Singapore outside its home market. Ecomobi’s merchandise partners across Southeast Asia include e-commerce majors such as Tokopedia, Shopee, Tiki and Lazada, as well as brands like Sony, Samsung, Vascara and Juno, among others.
In 2018, Ecomobi helped more than 100 brands and e-commerce sites clock over $100 million in merchandise value across 30,000 media channels. The company said it is currently on track to double its performance in 2019.
“Ecomobi is the perfect example of how today’s Vietnamese entrepreneurs are building regional businesses from day one,” commented Khanh Tran, partner at VinaCapital Ventures.
Ecomobi raised capital late last year from Vietnamese VC firm ESP Capital and Korean investor Nextrans. With the current investment, it has paved the way for LINE Ventures and Naver to enter the country.
VinaCapital Ventures, the $100-million tech investment arm of asset manager VinaCapital established in 2018, has recently sealed a strategic partnership with the $1-billion Mirae Asset-Naver Asia Growth Fund. Prior to Ecomobi, it invested in logistics startup An Vui. Its other portfolio companies include Logivan, FastGo, Urbox, Wee Digital and Rever – which operate in the transportation, e-commerce, fintech and proptech sectors.