Vietnam-based OpenCommerce Group (OCG) has secured US$7 million in Series A funding round led by Vietnamese unicorn VNG along with participation from Vietnamese venture capital firm Do Ventures.
OpenCommerce Group that offers merchants a barrier-free and automated cross-border ecommerce platform will be using the fresh funding proceeds for product improvements and global expansion.
“Besides Europe and the US, we will focus on gaining major market share in China as well as expanding to Southeast Asian countries in 2022,” said Quan Truong, co-founder and CEO of OCG.
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.”
About OpenCommerce Group
Founded in 2014 by Phuong Anh Ha, OpenCommerce Group is a cross-border ecommerce that helps brands and entrepreneurs succeed.
OCG 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 a complete suite of services from marketing and order management to shipping and payments for consumers.
Three products offered by the company- ShopBase, PrintBase, and PulseBase-claim to make dropshipping and print-on-demand simpler, scalable and cost-effective.
Over the last two years, OpenCommerce Group has had more than 86,700 sellers across 195 countries utilize its solutions to set up their own ecommerce stores. These sellers have generated US$670 million in gross merchandise value so far. The company presently has offices in San Francisco, Shenzen, China, and Vietnam.
According to the company, it is one of the few firms in Vietnam whose products can compete with major global competitors in the cross-border ecommerce space, a next driver for growth in ecommerce.