Vemanti Group Makes Investment In Chopp
NEWPORT BEACH, Calif., Aug. 08, 2018 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. (OTC PINK:VMNT) (the “Company”), a technology-driven holding company, today announced that it has made an investment in Chopp, Inc. (“Chopp”), a Delaware-registered online logistics company that currently operates as a same-day e-grocery delivery service. Customers select groceries from various retailers through an iOS/Android app or web application and the order is delivered by a team of personal shoppers and drivers. The investment by the Company is made in the form of a convertible note along with Beenext ( https://beenext.com ) and 500 Startups Vietnam ( www.500startups.com.vn )
Chopp ( https://chopp.vn/ ) has established itself as the leading on-demand e-grocery platform in Vietnam since its launch in December 2015. From 2016 to 2017, the company experienced 99% growth in unique customers, 153% growth in orders, and 221% growth in revenue. The company targets the middle and affluent class (MAC) which has an estimated market size of $9B-$14B per year today. Going forward, the company plans to expand into F&B and evolve its platform into a broader last-mile supply chain management solution with features such as dispatching optimization and supply & demand prediction with added support for IoT and AI functions.
“Our investment in Chopp was made based on factors beyond grocery delivery. We see their transportation and CRM platform as part of the digital revolution that’s shaping up B2B logistics, fulfillment, and freight management which will be an essential component for any straight-to-consumer business. Strategically, this fits nicely with our vision of a decentralized ecosystem model,” stated Tan Tran, CEO of Vemanti Group.
T. Nguyen, CEO of Chopp, added, “We aim to make safe, healthier food more accessible while saving consumers’ time for friends and families, all through Chopp’s world-class on-demand platform. Going forward, utilizing cutting edge technology and efficient operations, our goal is to be the preferred last-mile solution for other logistic demands.”
Details of the transaction will be included in the Company’s upcoming filings.
About Vemanti Group, Inc.
Vemanti Group, Inc. (OTC PINK:VMNT) is a technology-driven holding company that seeks to be active in high-growth and emerging markets. Our core strengths are in technology development and investment. We drive growth through acquisition and investment in disruptive and foundational technologies by targeting early-stage companies that have market viable products or by starting a new subsidiary of our own. Strategically, we focus mainly on blockchain applications combined with other emerging technologies, including machine learning/AI, security and internet of things (IoT). For more information, please follow: http://vemanti.com
About Chopp, Inc.
Chopp, Inc. (“Chopp”) is a is a convenient mobile-first on-demand grocery service that provides world-class customer service experience and supports both English & Vietnamese languages. Currently, Chopp only offers services in Vietnam where it has established itself as the leading on-demand e-grocery platform which delivers groceries in one hour (for order from a single store). Chopp is neither a retailer nor a seller of groceries or other merchandises. Anyone can simply download the “Chopp” mobile app on App Store or Google Play Store and start shopping. Please visit: https://chopp.vn for more information.
This press release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management’s plans and objectives for future operations. Some or all of the events or results anticipated by these forward-looking statements may not occur. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management’s control.
Contact Information Vemanti Group, Inc. Investor Relations (800) 768-1288 email@example.com