Vietnam-based e-commerce enabler OnPoint has raised over $8 million in Series A funding
round led by Kiwoom Investment and Daiwa-SSIAM Vietnam Growth Fund II L.P,
according to an announcement.
The new funding, which brings the total funding raised by OnPoint to date to an eight-digit
number, will enable the company to invest in strategic technology, recruit talent, and develop
data-driven capabilities to provide better services to its clients.
Founded in December 2017, OnPoint enables consumer brands in pushing their presence on
e-commerce platforms, social channels, or via brand-owned websites.
The company claims that it has served more than 50 brands to date. Its clients include
L’Oreal, Shiseido, P&G, Rohto, Beiersdorf, Unilever International, Watsons, KimberlyClark, Unicharm, CJ Group. It is on track to expand its client portfolio to 100+ brands while
accelerating revenue growth in 2020.
KPMG Vietnam advised the deal while Allen & Gledhill and Allens served as legal advisors.
Kiwoom Investment is the private equity and venture capital arm of Kiwoom Securities, one
of the largest financial groups in Korea.
In Vietnam, the investment firm has also recently invested in mobile game publisher Appota
along with other investors including Korea Investment Partners Co. Ltd, Seoul Investment
Partners Co. Ltd and Mirae Asset Venture Investment Co. Ltd, Korean Investors reported.
Daiwa-SSIAM Vietnam Growth Fund II L.P. is a Vietnam-focused private equity fund jointly
managed by SSI Asset Management, a subsidiary of Vietnamese brokerage SSI Securities
Inc, and Daiwa Corporate Investment Co. Ltd.
In February, we reported that SSIAM plans to launch a $100-million new fund in partnership
with Japan’s Daiwa Securities Group, targeting to hit the first close at around $30-40 million
by the second quarter of this year.