Vietnamese e-commerce trailblazer ScaleUP has secured seed funding from South Korea’s renowned venture capital firm Nextrans.
Founded in 2023, ScaleUp adopts the pioneering “Scale as a Service” model, catering to businesses and retail brands in fashion, fast-moving consumer goods (FMCG), and cosmetics, empowering them to maximize their sales potential across various channels.
ScaleUP stands out as more than a typical tech startup; it is an innovation hub revolutionizing Vietnam’s retail scene. Its advanced solutions empower omnichannel retailers to effortlessly enhance business operations and revenue. The startup is driven by entrepreneurs who utilize technology to create innovative business solutions, not solely focused on product development.
Nguyen Quoc Tuan, founder of ScaleUp and with over ten years of experience in executive roles at major multi-channel fashion retailers such as Juno and Hoang Phuc International, explains the challenges traditional businesses encounter when shifting to multi-channel operations. This shift demands hefty investments in technology and human resources. ScaleUp bridges this gap by offering a scalable solution, allowing tailored investment according to each business’s unique needs.
He emphasized that while many Vietnamese businesses excel in traditional offline sales, the move to online platforms necessitates a different set of investments and strategies, often leading to ineffective growth tactics like excessive advertising spending.
Nextrans, a key player in Vietnam’s venture capital landscape, has invested in 32 local startups, including Base.vn, Cooky.vn and Azota. The firm is looking for tech-driven companies that can fuel growth across vital sectors like consumer goods, education, finance, healthcare, and agriculture.