Evo Commerce, a health and wellness brand builder in Singapore, has announced the completion of its pre-series A funding round with $2 million in investments.
The funding round was led by key investors including GSR Ventures, East Ventures, and 33 Capital. The round was also participated by Rainforest CEO JJ Chai, Wallex co-founder Hiro Kiga, and BrideStory co-founder Emile Etienne.
The pre-series round followed the successful seed round held in October 2022 and led by East Ventures, which earned Evo Commerce $600,000.
In a statement, the company said it will use the fresh funds from its pre-series A round to fuel its global expansion plans, develop its ecommerce and online channels, and scale its manufacturing and R&D capabilities for new product categories.
“We hope to continue to grow 10 times over in 2023 while maintaining our profitability with expectations to launch multiple products in the coming year,” said Evo Commerce CEO Roy Ang.
Ang said Evo Commerce is committed to continue to double down on its efforts in bringing the best quality products at affordable prices to the market with improved customer experience.
Evo Commerce, formerly known as Evolut Holdings, is an online retailer that sells health, beauty, and wellness products. Its flagship offering called BounceBack is an anti-hangover solution that it has rolled out across 10 markets globally.
The company also delivers all-natural anti-hair loss solutions under the brand MANTOU as well as beauty and hair care products under its Stryv brand.
Last year, Evo Commerce saw a 12-fold increase in its revenues and currently, the firm serves over 20,000 customers across ten markets.
From having a founding team of two, Evo Commerce is now 20 team members strong.
David Yin, Partner at GSR Ventures, said the health and wellness sector has grown exponentially during the pandemic, with the market expected to reach $6.75 trillion by 2030.
Evo Commerce’s research-backed products and customer-centric approach will help transform the health and wellness industry by catering to customers’ evolving needs, Yin said.
Yin added that the company’s strong growth and resilience during the pandemic is a demonstration that it is addressing the need of consumers who want transparent, easy-to-understand products that are high-quality and readily accessible.
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