Menswear startup raises $2 mln in Series A round
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Coolmate, a Vietnamese menswear brand that is sold online, has raised US$2 million in a Series A funding round from a group of investors.
The round was led by Access Ventures and included Do Ventures, CyberAgent Capital and DSG Consumer Partners.
Coolmate intends to use the money to fund research into new products, upgrade its operating system and hire more human resources, its co-founder and CEO, Pham Chi Nhu, said.
Founded in 2019, the startup has no physical store up to date. It reportedly gets 10,000 orders a day now compared to 2,000 in the first year of operation.
It expects to achieve $19 million in revenues this year.
Questions & Answers
Q.What will Coolmate use the new $2 million funding for?
What will Coolmate use the new $2 million funding for?
The company plans to use the money for several key areas. These include funding research into new products, upgrading its operating system, and hiring more human resources to support its growth.
Q.When was Coolmate founded and what is its current retail model?
When was Coolmate founded and what is its current retail model?
Coolmate was founded in 2019. The menswear brand operates solely as an online retailer, as it has no physical stores up to date, according to the article.
Q.Which investment firms participated in Coolmate's Series A funding round?
Which investment firms participated in Coolmate's Series A funding round?
The Series A funding round was led by Access Ventures. Other investors included Do Ventures, CyberAgent Capital, and DSG Consumer Partners, contributing to the $2 million raised.
Q.How much revenue does Coolmate anticipate generating this year?
How much revenue does Coolmate anticipate generating this year?
Coolmate expects to achieve revenues of $19 million this year. This is a significant projection for the online menswear brand, building on its reported daily order numbers.
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