Menswear brand Coolmate.me raised $2 million in a Series A funding round. Access Ventures led this round with participation from Do Ventures, CyberAgent Capital, and DSG Consumer Partners. This is Coolmate.me’s 3rd fundraising after successfully raising capital from Shark Binh on Shark Tank Vietnam. Pham Chi Nhu, Co-Founder & CEO of Coolmate.me said that the new investment will be used in research, expanding the product portfolio of new materials, improving the comfort of use; upgrade the operation system to meet the large-scale packaging and delivery; improve team capacity, meet the company’s rapid development speed.
Co-Founder & CEO Pham Chi Nhu
Charles Rim, CEO of Access Ventures, said: “Coolmate.me is leading the fashion industry in Vietnam with a unique and diversified business strategy. After reaching a new milestone in fundraising, we predict that Coolmate.me will really accelerate in the near future, achieving its business goals and strengthening its position in the Vietnamese fashion industry. ” Ms. Le Hoang Uyen Vy, CEO of Do Ventures, said: “Coolmate.me’s leadership team has a vision of the business model, optimal operation ability, and always takes drastic action. We believe with investment resources, Coolmate.me will continue to write inspirational stories in the field of fashion technology.”
Coolmate.me is a new generation domestic fashion brand established in early 2019. This brand provides products directly to customers through online e-commerce channels, cutting down on traditional distribution costs. “The D2C model allows us to directly connect with customers, listen and understand their needs regularly,” said Nhu. Coolmate.me products are 100% made in Vietnam. After three years of operation, from 2,000 applications/month, Coolmate.me now attracts more than 10,000 applications/day, with more than 50% of orders from old customers. With revenue growth of more than three times a year, this brand will reach $19 million in revenue in 2022.
Coolmate.me is one of the startups excelled in Top 10 Startup Wheel 2020.
Coolmate.me designs minimalist products with the most comfortable materials, can be used in many situations, and is environmentally friendly. Coolmate.me products integrate the latest fashion technologies such as Excool (extremely dry), Anti-Smell (prevents odor), CleanDye (dry dye without water), HeiQ Viroblock (prevents viruses on the surface),etc. This startup focuses on trust and customer experience. It has a 60-day return policy. Customers just need to text or call, the postman will come to the place to exchange and return for free. The recalled products are classified by this startup according to different purposes, can be reused, donated to charity. It also develops an independent website for customers to choose the smart size, analyse the suitability, and make a variety of payments.
Source of information is Dealstreet Asia.