Vietnam-based social commerce platform Selly raises US$2.6m in pre-series A funding

Benjamin Cher

Published Tue, Feb 8, 2022 · 08:00 AM

SOCIAL commerce platform Selly has raised US$2.6 million in pre-series A funding from venture capital firms CyberAgent Capital, Do Ventures, Genesia Ventures, Jafco Asia and Kvision.

The Vietnam-based startup said it has grown gross merchandise value 300 times in its 10 months of operations but did not disclose specific numbers. Selly now has 300,000 resellers after the 10 months of operations, with 80 per cent coming from lower-tier cities. The bulk of the resellers consist of housewives and workers who have lost their jobs during the pandemic.

Selly is hoping to ride the growing global social commerce sector, which is expected to grow from US$492 billion to US$1.2 trillion by 2025 according to a report by consultancy Accenture.

"As Vietnam sees an e-commerce adoption rate of only 4.5 per cent (compared to 18 per cent in Indonesia and 35 per cent in China) and an urbanisation rate of 35 per cent (compared to 56 per cent in Indonesia and 16 per cent in China), the lowest among major economies in the region, Selly is poised to harness the tremendous untapped potential of Vietnam's e-commerce industry by leveraging the power of online communities," said Nguyen Minh Tuan, chief executive officer at CyberAgent Capital Vietnam.

Selly does this by partnering with suppliers to offer their inventory to resellers who would share to their social networks, gaining a commission for each sale made. Funds raised will be used to fuel Selly's growth and product features.

"The fresh capital will be utilised to improve product features to offer the best experience for our resellers and suppliers, as well as expand Selly presence in more remote areas in Vietnam so that everyone will have the opportunity to earn a sustainable income," said Tuan Thong, founder and chief executive officer of Selly.