Wavemaker Partners Invests $1 Million in Vietnamese Marketing Solutions Provider CNV

Vietnamese digital marketing solutions provider CNV has secured $1 million in seed funding from Singapore-based venture capital firm Wavemaker Partners. This investment follows CNV’s strong performance in 2022 and 2023, three years after receiving crucial pre-seed funding from NextPay, a Vietnamese SME payments and services company.

The funding is crucial for CNV as it plans to expand its cloud-based business and marketing solutions. With the support of Wavemaker Partners, CNV aims to enhance its offerings further and accelerate its growth trajectory in Vietnam. 

Founded in 2020 by Nguyen Tuan Phu and Do Dang Khoa, CNV is a leading provider of cloud-based business and marketing solutions in Vietnam. Specializing in digital transformation SaaS products and marketing growth services, CNV aims to assist micro, small, and medium-sized enterprises (MSMEs), SMEs, and enterprises achieve sustainable growth through marketing, loyalty, and e-commerce activities.

With over 2,000 customers, including multinational corporations, local enterprises, SMEs, MSMEs, and government agencies, CNV has become a key player in the Vietnamese market. By optimizing client-facing activities and backend customer data platform analysis, CNV helps businesses maximize their sales and customer engagement efforts, driving meaningful results for their growth strategies.

CNV CEO Phu Nguyen outlined the company’s goal following the funding from Wavemaker Partners. He expressed their aim to transform into a no-code sales and customer care platform, facilitating businesses to launch campaigns and create various features without coding. This strategy aims to expedite the process from conceptualizing ideas to implementing customer care initiatives or selling to existing customers promptly.

Vietnam’s business landscape is dynamic and entrepreneurial, supported by its base of SMEs and MSMEs. According to the Ministry of Planning and Investment data, Vietnam has approximately 1 million operational businesses, with SMEs contributing up to 45 percent of the national GDP. 

Furthermore, the country’s e-commerce sector shows promising growth prospects, with a projected 31 percent increase in gross merchandise value (GMV) from 2022 to 2025, according to the e-Conomy SEA 2022 report by Google, Temasek, and Bain & Company.

CNV, leveraging its accumulated expertise in loyalty solutions, has introduced comprehensive tools to aid businesses in increasing sales and engaging with existing and potential customers. 

The tools include gamification, affiliate marketing, and automation via the Customer Data Platform (CDP). The company’s strategic approach aims to address the challenges posed by the increasingly competitive business environment, offering tailored re-marketing strategies for existing customer bases while targeting new potential customers.

An essential development in CNV occurred in 2023 with the launch of Zalo mini apps, providing seamless channels for businesses to engage comprehensively with their clientele. These mini-apps facilitate a robust app-within-app experience, enabling companies to acquire users more cost-effectively and engage with them more deeply and seamlessly. 

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