Coolmate receives $2.3 million funding from GSR Ventures

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.

Coolmate CEO Nhu Pham said, “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.”

Coolmate CEO Nhu Pham

“We are impressed by how Nhu Pham and the Coolmate team are leveraging technology to transform the traditional retail industry and delight consumers with high-quality yet affordable products,” said Allen Zhu, managing director at GSR Ventures. “We are excited to back Coolmate as our first investment in Vietnam and work with them to continue its explosive growth.”

Founded in early 2019, Coolmate employs the direct-to-customer e-commerce model to cut the distribution costs in traditional retail. Coolmate products are all Vietnamese-made clothing and accessories.

The business model allows Coolmate to 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. Coolmate aspires to set an example of a sustainable business that can bring real value to customers, employees, partners, and shareholders.

With the support from GSR Ventures and Do Ventures, Coolmate 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 will utilise the new capital to achieve its 2022 sales target and plan for an IPO in 2025.

Coolmate draws $500,000 investment from STIC Investments 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.

Coolmate secures $2 million in Series A funding Coolmate, a Vietnam-based D2C menswear startup, on May 13 secured $2 million in a Series A round led by Access Ventures. Do Ventures, CyberAgent Capital, and DSG Consumer Partners also participated in this round.

Defining innovative startup enterprises in Vietnam The state has provided special policies to encourage small- and medium-sized startup enterprises (SMEs) that primarily focus on tech advancement and research, and need the assistance of all resources for building their reputation and market status.