Vietnamese B2B distribution platform Quqo has secured $1 million in a seed round from Ho Chi Minh City-based Touchstone Partners.
The venture capital firm said Tuesday that the investment would enable Quqo to grow its team together with its customer base and expand its distribution network across Vietnam.
Quqo is a platform connecting buyers, suppliers, and end-consumers in Vietnam's fast-moving consumer goods (FMCG) sector. Their user-friendly B2B marketplace and software-as-a-service (SaaS) tool enable store owners to browse for the best product offers in the market through a simplified and accelerated procurement process.
Quqo made its debut in 2020 and since then has on-boarded over 40 distributors, supporting over 5,000 stores across Ho Chi Minh City, and has grown 11 times in gross merchandise value since the start of 2022. The team plans to expand its reach to Danang, Hanoi, and other major cities in Vietnam in 2023.
Touchstone is founded by Khanh Tran, former founding partner of VinaCapital Ventures, and successful serial entrepreneur Tu Ngo, co-founder and chairwoman of YOLA Education. The fund announced the first close of its inaugural $50 million venture capital fund backed by notable investors including Pavilion Capital, Vulcan Capital and several other institutional investors and family offices in April 2021.
On December 16, Oda, a Vietnamese startup providing food procurement systems for restaurants and suppliers, secured $1 million in seed round funding from Touchstone Partners.