Leading the Online to Offline (O2O) retailing in Vietnam


Founded in 2012, Caganu Group developed a vertical integrated e-commerce business with an O2O (online to offline) component, to conquer a niche of the rural Vietnamese retail market. Caganu expands into Vietnamese provinces with a 2-tiered supply chain model: central warehouses in the main regions and then satellite showrooms/warehouses in provinces, opened with a dealership model. The model has proven successful, allowing the company to reach profitability since 2014 and to serve over 100.000 clients in 2016 alone.

After maximizing the operations from its first central warehouse in HCMC and opening the
first two satellite showrooms, Caganu decided to raise funds to setup three new central
warehouses (HCMC, Hanoi, Da Nang) and a first group of 33 satellite showrooms. When getting in contact with Fast Forward Advisors, Caganu needed to develop the overall fundraising strategy, financial model and investment material. Fast Forward Advisors helped Caganu to build the investment case for the series A fundraising helping the company to close an investment deal

Client: Caganu
Sector: Retail
Product: Ecommerce
Web: caganu.com 

Project summary

Service: Startup International Fundraising
Outcome: Raised Series A (undisclosed amount)

“ FFA was simply the best partner I could imagine to find - they opened our eyes on many aspects of our business and created multiple investment opportunities“

Huy Nguyen | CEO | Caganu


The main problem of Caganu was the Lack of a financial and performance data as well as a partial understanding on how venture capital works and how to approach investors with a compelling investment opportunity.


  1. Data collection and analysis: We started working with Caganu on identifying all information gaps. While Caganu was experiencing strong growth, they had very few insights on important elements for e-commerce, such as conversion rates, re-order rates, CLTV, average order values, channel analysis etc. Together with the team, we defined methodologies to collect the data and we later analyzed it in order to prepare the pitch deck and financial model 
  2. Financial model and projections: As the business model of Caganu had various complexities (B2C and B2B2C channels, owned vs traded brands, etc) – we invested time to prepare a financial model covering all the business mechanics and that could be defensible in the eye of the investors – using all KPIs and current performances as base for the assumptions underlying the projections
  3. Investor readiness check-up: In order to prepare for the fundraising, we applied the FFA Investor Readiness methodology to identify all remaining information gaps to be solved by the company prior to contact potential investors. Some of the gaps were then closed by FFA with ad-hoc support (such as market research & opportunity quantification and competition analysis), while the remaining gaps have been closed by the Caganu team following FFA guidelines.


  1. New KPI monitoring dashboards: we worked with Caganu to build new dashboards to keep track of the company financial and operational performance, providing key insights on the company priorities in terms of financial (e.g. working capital) and operational improvement (e.g. reorder rate & CLTV optimization)
  2. Proof of concept: we collected evidence about the profitability of the new “dealership” model in order and crafted a compelling case study to be used to prove the investment case. This resulted in being an important lever when selling the opportunity to potential investors
  3. Investment deal: Caganu closed an undisclosed investment deal (mix of cash & real estate services for the satellite warehouses) with a local group of investors after three months from the delivery of the FFA consulting support.