Startup Selly, Vietnam’s social commerce model, has raised $2.6 million in a Pre-Series A funding round from investment funds CyberAgent Capital, Do Ventures, Genesia Ventures, JAFCO Asia and KVision.
CyberAgent Capital (CyberAgent Inc – Japan) is currently investing in more than 350 companies globally. Fifty companied invested in by CyberAgent have been listed on the Tokyo Stock Exchange. Some prominent firms invested in by CyberAgent include Kakao Talk (Korea), Tokopedia (Indonesia), Tiki (Vietnam), Foody (Vietnam), Batdongsan.com.vn (Vietnam) and many more.
Do Ventures is also a notable venture capital fund with funding of about $50 million. This investment fund specializes in hunting potential startups in Vietnam and Southeast Asia.
According to a report by Accenture, shopping transactions through social networking platforms globally will reach $1.2 trillion by 2025, nearly three times higher than the current $492 billion.
Selly is one of the pioneers for the social commerce model in Vietnam when the trend of shopping on social platforms is growing.
After only 10 months of operation, since April 2021, Selly has proven its potential with growth of 300 times. The startup is currently accompanying more than 300,000 sales partners, of which 80% are from small cities, most of whom are housewives and people who have lost their jobs due to Covid-19.
Launched during the pandemic, Selly meets the needs of searching jobs for unemployed workers. Selly’s social commerce model helps the jobless to start a business, generate sustainable income without capital, and no storage, with no need to worry about operation.
Each seller only has to take a few minutes to choose the products they want to trade from the high-quality goods displayed on the Selly app, and then share product information with the community of friends and acquaintances. With each order, the goods will be shipped to the customer with a full range of professional after-sales services.
The platform has become a distribution channel, helping suppliers reach customers in all provinces and cities across the country, covering all sales operations and only charging costs when goods are sold.
There are other similar models in Vietnam, such as On e-commerce and Cuccu.vn.
Digital technology is forecast to create US$74 billion for Vietnam’s economy by 2027. However, Vietnam must attract investment capital from around the world, especially investment in startups.
Vietnam is a “rising star” and will emerge as the third-largest startup ecosystem in Southeast Asia in2022, according to a report by venture capital firm Golden Gate.