Social Commerce Startup On Group That Allows Users To Earn On Every Transaction Nets $1.1M Seed Funding

January 21, 2022 | 2 minutes read

Vietnamese-based social commerce startup that allows reselling of products and enables its users to earn money on every transaction gathers $1.1M seed funding.

Social commerce is a new phenomenon but it has expanded exponentially in these recent years. As per the stats, social commerce sales are predicted to reach $605 billion by 2027. Social commerce mainly falls under the umbrella of eCommerce but it is different in a manner that it provides an environment where a  user can buy or sell in the company of their friends and family.  

Another major factor that can cause the rise of social commerce platforms is the increase in eCommerce software and mobile apps because of high demand in the market. The stats also indicate that eCommerce is projected to grow $5.4 trillion US dollars by 2022. Social commerce being its subsidiary will also witness growth.

This is one of the key reasons that social commerce platforms are grabbing the attention of shoppers and catching the eye of investors. As of today, the Vietnamese social commerce startup On Group has raised $1.1M seed funding. Recently another social commerce startup Go Billion gathered funding of $2.9 million from Y- combinator.

The funding round was led by Touchstone Partners, with participation from ThinkZone Ventures where the startup fetched money for getting its operations off the ground. Founded in March last year by Giang Nguyen, Dzung Luu and Minh Nguyen the startup aims to expand in the social commerce market by making its services robust and safe for users. 

The social commerce startup offers options to self-employed individuals to increase their income by taking no storage fees, source branded merchandise with free online store and commission, and up to 50% of product value with quick payment time. 

Furthermore, the users can create an online store on application to include the products they want to trade in the stores. It also enables its users to share products from online stores to friends and family or on social networking sites. Additionally, also supports all packaging, shipping, and returns if any. Other than this, the users for successful orders can receive commissions.

The startup claims that it currently has 10,000 salesmen, 24,000 deliveries, and 20,000 products. The company says that it wants to solve the problems of online commerce platforms and believes in creating opportunities for individuals and businesses to improve the lives of millions and help them thrive in the ever-transforming marketing landscape.

This social commerce platform says that it will utilize this fresh injection of funds to expand its presence and provide management, delivery, and capital support for its resellers.

Story Credits: Tech in Asia