Mio
Social commerce platform for fresh grocery delivery.
| Date | Investors | Amount | Round |
|---|---|---|---|
$8.0m | Series A | ||
| Total Funding | 000k | ||
Mio was a Vietnamese social commerce platform specializing in fresh groceries and produce for Tier 2 and 3 cities. Founded in June 2020 by Trung Huynh, An Pham, Long Pham, and Tu Le, the company aimed to empower women in smaller cities by enabling them to become resellers, or "Mio Partners". The business idea was inspired by co-founder Trung Huynh's observation of his mother buying groceries from a trusted neighbor.
The business model centered around group buying, where Mio Partners would aggregate orders from their social circles via platforms like Facebook and Zalo and manage them through the Mio app. In return, partners earned a 10% commission on each order and other performance-based bonuses. The company managed its own logistics, including procurement directly from farms, warehousing, and a fleet of couriers, to ensure next-day delivery. This model was designed to address the logistical challenges and higher costs typically associated with e-commerce in rural areas.
Mio initially focused on fresh produce and poultry, with plans to expand into fast-moving consumer goods (FMCG) and household appliances. The startup secured a $1 million seed round in May 2021 and a subsequent $8 million Series A round in January 2022, bringing its total funding to $9.1 million. Key investors included Jungle Ventures, GGV Capital, and Venturra. At its peak, Mio fulfilled over 10,000 orders daily. However, facing challenges with unit economics and shifting market conditions, Mio pivoted to focus on higher-margin meat products in late 2023. Despite having funds to continue, the founders made the strategic decision to cease operations in 2024 and return the remaining capital to investors.
Keywords: social commerce, grocery delivery, group buying, fresh produce, Vietnam e-commerce, reseller platform, last-mile logistics, Tier 2 cities, Tier 3 cities, agritech, female entrepreneurs, direct-from-farm, FMCG distribution, supply chain management, mobile commerce, startup shutdown, venture capital, Southeast Asia tech, B2B2C model, meat supply