Selly – a Vietnam-based social commerce platform – has raised $2.6 million in a Pre-Series A funding round from CyberAgent Capital, Do Ventures, Genesia Ventures, JAFCO Asia, and Kvision. Less than a year after launch, Selly has created employment opportunities for hundreds of thousands of women and people who lost their jobs or income due to COVID-19.
|Social commerce platform Selly raised $2.6 million in Pre-Series A |
According to a recent report by Accenture, the $492 billion global social commerce industry is expected to grow three times as fast as traditional e-commerce to $1.2 trillion by 2025.
Selly is one of the pioneering social commerce startups in Vietnam as the social shopping trend is increasingly gaining popularity. After only 10 months of operation from April, Selly has proven its potential with a 300x growth rate. The platform currently has more than 300,000 resellers, of which 80 per cent come from lower-tier cities and mostly are housewives and people who have lost their jobs due to the pandemic. By starting their businesses on Selly, resellers could earn up to $1,500 per month.
Launched amid the ravaging pandemic, Selly has spoken to the need for jobs of many unemployed workers and housewives. The social commerce platform makes entrepreneurship accessible for anyone and helps people generate sustainable income without any investment or sales operations required.
It only takes resellers a few minutes to source products from a wide array of high-quality goods listed on Selly’s app, then share them with their network of friends. Once an order is closed, delivery will be handled by Selly with full after-sales services.
Furthermore, Selly is partnering with hundreds of traditional manufacturers and distributors in helping them venture into e-commerce to catch up with the rapid rise of the online shopping movement. Selly serves as an effective distribution channel that allows suppliers to reach out to customers in all corners of the country while taking care of the entire fulfilment process, charging fees only when products have been successfully delivered.
“Selly’s mission is to improve life quality for all Vietnamese people, especially housewives and people who are easily affected by economic fluctuations,” said Tuan Thong, founder and CEO of Selly.
“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's presence in more remote areas in Vietnam so that everyone will have the opportunity to earn a sustainable income.”
Amy Do, investment manager at JAFCO Asia said, “One of the many reasons for our investment into Selly is the team's grand mission in helping people earn extra income without an upfront deposit, many of whom have lost their jobs and seen a reduction in income. In difficult times, Selly has not only changed the way Vietnamese consumers shop for goods, but also provided a side hustle for resellers. We believe Selly is well-positioned to lead the social commerce space in the upcoming years and are glad to partner with the team in their early days.”
Nguyen Minh Tuan, CEO at CyberAgent Capital Vietnam said, “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.”