Cloud-based startup CNV secures US$1 million seed funding from Wavemaker Partners

VIETNAMESE cloud-based business and marketing solutions provider CNV has secured US$1 million in seed funding from US and Singapore-headquartered venture capital firm Wavemaker Partners.

On Tuesday (Apr 9), CNV said its latest funding comes after the company’s “stellar performance” in 2022 and 2023.

The company particularly highlighted 2023 as an important milestone in its development for the launch of its Zalo mini apps – which created an app-in-app experience that enabled businesses to acquire users at lower costs and engage them in a “deeper and more seamless manner”.

CNV counts multinational corporations, small and medium enterprises (SMEs) and government agencies among its 20,000 customers.

Founded by Nguyen Tuan Phu and Do Dang Khoa in 2020, CNV offers digital transformation software-as-a-service (SaaS) products and marketing services targeting micro, small and medium enterprises (MSMEs), SMEs, and enterprises in Vietnam.

It aims to help these entities optimise their client-facing and back-end customer data platform analysis activities, and also “achieve sustainable growth” via marketing, loyalty and e-commerce activities.

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CNV’s tools include gamification, automation marketing and customer data platforms (CDP).

Since its founding, the company has reported 250 per cent growth in revenue and customers acquired, with US$30 million in annual gross merchandise value over 94,000 orders.

CNV chief executive Phu Nguyen said the company’s goal this year, with the funding from Wavemaker, is to become a “no-code sales and customer care platform”.

“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 CDP and loyalty SaaS products,” added Phuong Tran, principal at Wavemaker Partners.