Menswear startup raises $2.3 mln
In this article (5)
Coolmate, a Vietnamese menswear brand sold online, has raised $2.3 million from GSR Ventures and Do Ventures as an addition to its series A round.
This brings the round’s total size to $4.3 million. Coolmate said the funding will be used to “accelerate the completion of the supply chain” for its products, upgrade its operating system, and employ more manpower.
In May, Coolmate had raised $2 million in a round led by Access Ventures with participation from Do Ventures, CyberAgent Capital and DSG Consumer Partners.
The funding marks GSR Ventures’ first investment in Vietnam. The U.S.-based venture firm has backed some unicorns including Didi, Ele.me, and Xiaohongshu.
“We are impressed by how [co-founder and CEO] Nhu Pham and the Coolmate team are leveraging technology to transform the traditional retail industry and delight consumers with high-quality yet affordable products,” Asian tech-focused platform Tech in Asia quoted GSR Ventures Managing Director Allen Zhu.
Founded in 2019, the startup operates no physical store to date. It reportedly gets 10,000 orders a day now compared to 2,000 in the first year of operation.
It claimed revenues of $6 million last year, and expects to collect $19 million this year.
Questions & Answers
Q.What will Coolmate primarily use this new funding injection for?
What will Coolmate primarily use this new funding injection for?
The company intends to accelerate the completion of its product supply chain. Also, the funds will be used to upgrade its operating system and employ more staff to support its growth and operations.
Q.Which investment firm is making its first investment in Vietnam through this funding round?
Which investment firm is making its first investment in Vietnam through this funding round?
GSR Ventures, a U.S.-based venture firm, has made its inaugural investment in Vietnam by participating in Coolmate's series A round. The firm has previously backed several large successful companies.
Q.How much revenue did Coolmate generate last year and what are their projections for this year?
How much revenue did Coolmate generate last year and what are their projections for this year?
Coolmate reported revenues of $6 million last year. The company is projecting a significant increase, expecting to collect $19 million in revenue by the end of this current year.
Q.What is the total amount Coolmate has raised in its series A funding round so far?
What is the total amount Coolmate has raised in its series A funding round so far?
With the recent $2.3 million investment, Coolmate's series A round has now reached a total size of $4.3 million. This includes the earlier $2 million raised in May.
Reader pulse
What's Coolmate's biggest advantage?
22,709 votes so far