SoBanHang, a Vietnamese bookkeeping software aimed at small merchants, has raised US $2.5 million to bring its seed funding round to a total of US $4 million.
This round included existing and new investors such as FEBE Ventures, Class5 (US), AlleyCorp, Trihill Capital, and unidentified angels.
SoBanHang (owned by Finan Pte. Ltd.) will use the money toward product development and turn it into a micro-business operating system.
A portion of the funds will be utilized to educate the market and acquire new customers. In the next quarters, it also intends to provide SaaS subscriptions, as well as cross-selling revenues from third-party service providers and suppliers.
SoBanHang is a smartphone app that enables small and micro-businesses to create digital storefronts, sell to more people, and manage multi-channel operations. It was founded by brothers Hai Long Bui and Hai Nam Bui in mid-2021. Its main customers are small, family-owned enterprises with less than five employees. It claims to have onboarded over 170,000 businesses since its start, with more than 30,000 new stores joining each month.
Viettel, UOB, HDBank, UpSell Adtech, eRUBIK, and Selly are among SoBanHang’s partners.
SoBanHang got US $1.5 million in seed investment in August 2021 from FEBE, Class 5, and individuals such as Kevin P. Ryan, founder of Business Insider.
By 2025, the company hopes to have signed up one million business owners, assisting them in serving 100 million clients and generating $100 billion in income.
