Founded in 2017, UrBox helps connect businesses with gift suppliers and merchants to enhance their rewards and loyalty programs. In its first round of funding, the digital gifting startup has raised an undisclosed amount of seed money from local venture capital firms VinaCapital Ventures and VIISA.
The money raised from the funding will help UrBox strengthen its expansion plan in Southeast Asia. Besides putting cash in increasing hiring in the areas of technology, marketing, and business development, VinaCapital Ventures and VIISA’s experience in Vietnam will also help the startup close more partnerships.
UrBox currently has a merchant network of 3,000 outlets across Vietnam, including names like 7-Eleven, Family Mart, Shopee, and Grab, among others. It also has about 30 corporate clients.
While the global HR industry is projected to reach $30 Bn by 2025, the corporate gifting startups still form a smaller portion of that. Most of the startups in the HR tech space are focussed on Recruitment. However, digital gifting is a concept businesses are slowly catching up on. With the increased use of smartphones in the Southeast Asia region and with more people now shifting to online shopping, the trend of digital gifting is also increasing.
The corporate online gifting landscape is improving and hence presents many opportunities for UrBox to build upon. However, the Vietnam-based startup also competes with many other players in the market. For instance, Qwikcilver which has over the years established a good client-base and works with several big brands. Further, some other startups like Xoxoday and Storecheq are a few other competitors who have also recently expanded and are still expanding in the region.
Image Credits: UrBox