Venture capital firm Wavemaker Partners, based in Singapore, has successfully contributed $1 million as seed funding to CNV, a Vietnamese provider of cloud-based business and marketing solutions.
The funding round was prompted by CNV’s outstanding performance in 2022 and 2023, the company said in a statement on Tuesday. Three years prior, it had successfully raised a strategic pre-seed round funding by NextPay, the top Vietnamese platform for payments and services for small and medium-sized enterprises (SME), providing both online and offline payment options.
“In the midst of a global funding winter, we are grateful for our existing and new investors’ relentless support to achieve this funding milestone,
“Our next big steps include fostering collaboration to design exclusive financial products for each and every customer segment, as well as gearing up for expansion to the Philippines in 2024,” said CNV Chief Executive Officer Phu Nguyen.
Founded in 2020 by Nguyen Tuan Phu and Do Dang Khoa, CNV is a cloud-based business and marketing solutions provider committed to providing SaaS products for digital transformation and marketing growth services to help Vietnamese enterprises, SMEs, and micro, small, and medium-sized enterprises (MSMEs) achieve sustainable growth through marketing, loyalty, and e-commerce initiatives.
With the goal of optimizing their client-facing activities and backend customer data platform analysis activities, the company currently serves over 2,0000 customers, including government agencies, local businesses, multinational corporations, SMEs, and MSMEs.
“Wavemaker Partners is proud to support CNV in its next phase of growth to help hundreds of thousands of businesses in Vietnam drive meaningful results with their sales and customer engagement using CNV’s comprehensive customer data platform (CDP) and loyalty SaaS products,
“With the founders’ hard work and grit over years of perfecting loyalty and engagement, we are confident that CNV will achieve success with its mission to help drive growth and optimization for their clients in multiple use-cases,” said Phuong Tran, Principal at Wavemaker Partners.
With a solid foundation of SMEs and MSMEs, Vietnam’s business environment is observed to be becoming more dynamic and entrepreneurial.
According to a statement citing the Ministry of Planning and Investment, there are about a million active registered businesses in Vietnam, and over 97% of these businesses account for up to 45% of the country’s GDP.
According to the report, Vietnam’s gross merchandise value (GMV) is expected to increase by 31% between 2022 and 2025, suggesting a bright future for the e-commerce sector there.
