Coolmate, a Vietnamese menswear brand that sells through its own e-commerce store, has raised an additional $2.3 million for its Series A funding round participated by GSR Ventures and Do Ventures, according to an announcement.
Coolmate is the first Vietnamese startup to receive funding from GSR Ventures, a world-renowned early backer of unicorns including Advance Intelligence Group, Nium, Ele.me, and Xiaohongshu.
The additional funding was raised in a mix of primary and secondary deals, following the company’s $2-million Series A round, led by Access Ventures with the participation of Do Ventures, CyberAgent Capital, and DSG Consumer Partners in May 2022.
Founded in early 2019, Coolmate employs the D2C e-commerce model (providing products directly through online channels) to cut the distribution costs in traditional retail.
Its products are 100% high-quality Vietnamese-made clothing and accessories. This business model allows Coolmate to constantly connect with customers and listen to their needs to offer a seamless shopping experience.
The company has tripled its revenue over the past year and is on track to hit the $19 million revenue milestone in 2022. It aspires to set an example of a sustainable business that can bring real value to customers, employees, partners, and shareholders.
“We value GSR Ventures as a reputable investment firm with decades of experience in helping early startups to grow into unicorns. We were thrilled to extend our Series A for the opportunity to work with GSR Ventures to take Coolmate to the next stage of growth,” said Coolmate CEO Nhu Pham.
With the support from GSR Ventures and Do Ventures, Coolmate said it will accelerate the completion of the supply chain for its apparel product line, starting with new material sourcing and production technology, as well as setting up partnerships with larger and more diversified fabric, garment, and accessories suppliers.
As Vietnam’s e-commerce is expanding quickly and the country’s robust textile and garment industries are transforming through more consolidated value chains, Coolmate said it will utilize the new capital to achieve its 2022 sales target and plan for an IPO in 2025.