E-commerce agriculture platform Mio has recently raised $8 million from foreign investors, bringing the total it has mobilized to $9.1 million.
It plans to use the funding from Jungle Ventures, Patamar Capital and others, to expand the operation of its distribution center and supply chain, the company stated.
Established in June 2020, Mio acts as an intermediary between buyers and sellers of agriculture produce, using social media as an hub to gather orders.
Suppliers receive up to 10 percent of commission for each order, with bonuses based on performance.
Last year, Mio saw the number of transactions surging over 50 times. The company distributed 10,000 fresh products daily.
It is now available in the southern localities of Ho Chi Minh City, Binh Duong, Dong Nai and Long An, and plans to expand to the north.
My Tran, deputy chairwoman of Jungle Ventures, said Mio has great growth potential in Vietnam’s agriculture and fresh food market, which is valued at $50 billion.
Mio also plans to expand to selling fast-moving consumer goods and household items.
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