HANOI -- Vietnamese business-to-business startup KiotViet, a merchant platform for micro, small and medium enterprises (MSMEs), has raised $45 million in a Series B round from private equity company KKR with participation from existing investor Jungle Ventures.
The statement confirms DealStreetAsia's earlier report on KiotViet's fundraising plans.
Kasikorn Bank and family office Cao Viet My also participated in the latest funding round.
KKR's investment in KiotViet has been conducted through its Asian private equity fund.
"Our investment in KiotViet marks our sixth in Vietnam and is the first made through KKR's growth technology strategy in Southeast Asia. This milestone reflects our commitment to providing high-growth technology companies -- including those at an earlier stage -- with long-term capital and value-added support," said Ashish Shastry, co-head of Asia Pacific Private Equity and head of Southeast Asia at KKR.
KKR's recent investments in Asia include Indian eyewear retailer Lenskart, Chinese direct-to-consumer dairy company Adopt A Cow, Japanese QR code payment gateway NetStars, and Chinese edtech company Walnut Programming.
KKR most recently invested in Vietnamese education services provider EQuest Education Group to fuel the latter's expansion. KKR also led real estate developer Vinhomes's $650 million round and $359 million in financing for animal feed producer Masan MeatLife.
Founded in 2014, KiotViet provides cloud-based point-of-sale services for Vietnamese SMEs and says it is serving over 110,000 business customers.
KiotViet has expanded to offer a B2B procurement marketplace and integrated logistics services for its merchants, and has plans to provide financial services solutions such as payments and lending to customers.
"The addition of this new capital will only enable them to provide more services to small businesses, who as a segment are a major contributor to GDP throughout Southeast Asia," said Jungle Ventures managing partner David Gowdey.
KiotViet last raised about $6 million in its Series A round from Singapore-based Jungle Ventures and Indonesian unicorn Traveloka.
For the original story from DealStreetAsia, click here.
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