E-commerce enabler OnPoint has closed its Series B fundraising round with SeaTown Private Capital Master Fund, managed by Temasek Holdings subsidiary SeaTown Holdings International.
SeaTown's total investment in the e-commerce site is expected to be up to $50 million, Ho Chi Minh City-based OnPoint announced Monday.
The proceeds will support OnPoint in further investing in its omni-channel marketing and sales solutions to better serve brands and consumers. The partnership will also allow the company to tap into SeaTown's vast networks and experience in the digital economy and consumer sectors across Southeast Asia and beyond.
"In one of the fastest-growing e-commerce markets globally, OnPoint has proven to be the best-in-class e-commerce enabler supporting a large portfolio of local and international brands," SeaTown's managing director Dickson Loo said in the OnPoint release.
"This investment exemplifies SeaTown's philosophy, which is to partner with great management teams who have built exceptional businesses to help them achieve a shared aspiration for the company," he added.
Tran Vu Quang, founder and CEO at OnPoint, said: "We pioneer in building the number one e-commerce enabling solutions in Southeast Asia to connect brands, platforms, logistics partners, and shoppers… SeaTown is a valuable partner for us, given their long-term vision and a wealth of experience in the global digital economy."
Quang added his company would use the new fund to continue expanding its e-commerce enabling ecosystem, strengthening talents and capabilities, and developing emerging technologies with a data-driven approach.
OnPoint has since 2017 been providing a one-stop solution enabling consumer brands to accelerate their online growth in multiple channels including e-commerce marketplaces, social media platforms, and brand-owned websites. The startup’s capabilities cover various aspects of the e-commerce value chain like set-up and operations of brands, managing digital marketing campaigns, customer services, warehousing and order fulfilments.
OnPoint client portfolio includes more than 150 brands in numerous categories like health and beauty, fashion, mother and baby care, electronics and home appliances, pharmaceuticals, digital products, fast moving consumer goods, and pet food. Its major clients include multi-national brands like L'Oreal, Shiseido, Unicharm, P&G, Unilever International, Nestle, LG, Panasonic, and Mondelez.
Prior to the partnership, SeaTown had made investments in Masan Group's The CrownX, a leading retail ecosystem with its presence across major cities and provinces in Vietnam, and Golden Gate Group, one of the country's leading restaurant chain operators.