Coolmate, a Vietnamese men's clothing brand selling through its own e-commerce store, has recently wrapped up a $500,000 pre-A round investment from South Korea’s STIC Investments.
|Pham Chi Nhu, co-founder and CEO of Coolmate |
Established in February 2019, the Coolmate startup specialises in selling "Made in Vietnam" apparel products directly to end-users. The startup aims to generate VND139 billion ($6 million) in revenue in 2021 after posting a revenue of VND39 billion ($1.7 million) last year.
STIC Investment is an investment fund based in Korea that manages nearly $1.4 billion in capital and has invested in more than 450 companies in Asia. STIC Investment is an early investor of Tiki, Grab, and Jo2Yoy. Prior to Coolmate, STIC has most recently poured $2 million in EcoTruck, a logistics startup.
Coolmate will use the fresh funds to develop its key areas of operation, including expanding its product portfolio to serve the demand for men's clothing and focus on materials to bring unique experiences to customers. Also, it will invest in technology to take autonomy of its sales, operation, and customer care.
Part of the fund will be invested in human resources to improve team capacity. Meanwhile, it will expand new business models such as Print-on-Demand and Subscription packages.
In 2020, Coolmate secured seed round investment from 500 Startups Vietnam.
The representative of Coolmate said that at the time of the pre-A round its revenue has exceeded last year’s results. The startup also maintains a growth rate of 15-20 per cent per month and aims to stage an initial public offering in 2025.