Cross-border e-commerce startup OpenCommerce Group secures US$7m in Series A round

[SINGAPORE] Vietnam-based OpenCommerce Group (OCG) has raised US$7 million in a Series A round led by Vietnamese unicorn VNG, with participation by Vietnamese venture capital firm Do Ventures.

The cross-border e-commerce startup provides solutions for the dropshipping and print-on-demand business models, where merchants fulfil orders on demand and ship it from the manufacturer or wholesaler directly to the buyer. The solutions offer the entire suite of services from marketing and order management to shipping and payments for customers.

Over two years since its launch, OCG has had over 86,700 sellers across 195 countries utilise its solutions to set up their own e-commerce stores. These sellers have generated US$670 million in gross merchandise value so far. The startup currently has offices in Vietnam, San Francisco, US and Shenzhen, China.

Quan Truong, the startup's co-founder and chief executive officer, said: "We will utilise the new capital for product improvements so that we can better support our existing users and reach out to new customer segments, thus unlocking entrepreneurship opportunities for sellers of all ages and backgrounds."

The startup will continue expanding in the US and Europe, and aim to corner a major market share in China. OCG is also eyeing other South-east Asian countries for its expansion plan this year, said Quan.

Vy Le, general partner at Do Ventures, said: "We are very much excited to support the company as it continues to lower the threshold of entrepreneurship by enabling Vietnamese merchants to start their online businesses and enter the overseas markets smoothly."