CNV secures $1 million from Wavemaker Partners

April 11, 2024 | 15:40
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On April 9, Vietnamese digital marketing solutions provider CNV announced that it had successfully raised funding of $1 million from Singapore-based venture capital firm Wavemaker Partners.
CNV secures $1 million from Wavemaker Partners

CNV, founded in 2020 by Nguyen Tuan Phu and Do Dang Khoa, is the leading cloud-based business and marketing solutions provider dedicated to offering digital transformation SaaS products and marketing growth services to assist micro, small and medium-sized companies (MSMEs), SMEs, and enterprises in Vietnam to achieve sustainable growth via marketing, loyalty, and e-commerce activities.

The round came following CNV’s stellar performance in 2022 and 2023, three years after it successfully raised strategic pre-seed round funding by NextPay, the leading Vietnamese SME payments and services platform offering online and offline payment.

“With the funding from Wavemaker, our goal this year is to become a no-code sales and customer care platform, helping businesses launch campaigns and create any feature without a code, thereby shortening the time from ideas to implementing customer care campaigns or selling to old customers quickly,” said CNV CEO Phu Nguyen.

CNV currently serves over 2,000 customers, including multinational corporations, local enterprises, SMEs, MSMEs, and government agencies, helping them optimise their client-facing activities and backend customer data platform analysis activities.

Vietnam’s business environment is increasingly dynamic and entrepreneurial, with strong backing from a SMEs and MSMEs base. According to the Ministry of Planning and Investment, Vietnam has approximately 1 million registered operational businesses, and more than 97 per cent SMEs contribute up to 45 per cent of the national GDP.

“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. With the founders’ hard work and grit over years of perfecting loyalty and engagement, we are confident that CNV will achieve success with its mission to help drive growth and optimization for their clients in multiple use-cases,” said Phuong Tran, principal at Wavemaker Partners.

The prospects for the country’s e-commerce landscape also paints a promising future. Vietnam is set to post a 31 per cent growth in GMV from $23 billion in 2022 to $49 billion in 2025, according to the e-Conomy SEA 2022 report released by Google, Temasek, and Bain & Company in 2022.

However, amid an increasingly competitive business environment, all businesses are looking for ways to increase sales via a customised re-marketing strategy for an existing customer base and engaging with new potential customers.

CNV, after gaining expertise with years of building loyalty solutions for businesses, has launched comprehensive tools to achieve this goal: via gamification, affiliate, and Customer Data Platform automation marketing.

Additionally, 2023 marked an important milestone in CNV’s development with the emergence of the Zalo mini apps, which provide seamless channels for businesses to engage comprehensively with customers, creating a powerful app-within-app experience that lets businesses acquire users at a lower cost and engage with them in a deeper and more seamless manner.

Notably, CNV has witnessed remarkable growth, with a 250 per cent growth in revenue and number of customers acquired.

CNV has also helped these customers drive meaningful and quantifiable results: six million Zalo messages sent, and $30 million annual GMV closed over 94,000 orders.

This significant surge underscores CNV’s appeal and effectiveness in helping all kinds of businesses, allowing enterprises, SMEs, MSMEs, and government agencies to connect effectively with their end customers for both business-to-business and business-to-consumer use-cases.

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