Men’s clothing startup Coolmate raises $6M from investors

By Vien Thong October 30, 2024 | 08:28 pm PT

The logo of Coolmate is seen on a box. Photo courtesy of the company

Men’s fashion brand Coolmate has raised an additional US$6 million in a funding round as it seeks to export to Southeast Asian countries and the U.S. in the next two years.

The round, led by Singapore’s Vertex Ventures SEA & India with participation from Malaysia’s Kairous Capital, brings the total amount Coolmate has raised to $11 million.

Coolmate plans to collaborate with strategic distributors in Southeast Asia for multi-channel sales, both online and offline, and reach customers through Amazon in the U.S.

The company, founded in 2019, partners with garment factories in Vietnam to create simple designs using eco-friendly materials like organic cotton and recycled fibers. It allows returns for 60 days for change of mind.

It has now expanded from pure online sales through its website and e-commerce platforms to physical retail, with outlets in several shopping centers in Binh Duong in the south and Hue in the central region.

Vertex Ventures SEA & India is a venture capital firm specializing in high-growth startups in Southeast Asia and India, having invested in companies such as ride-hailing Grab and AI-powered research tool PatSnap.

The Vietnamese fashion market, valued at $6.4 billion, is experiencing strong growth thanks to favorable economic conditions and evolving consumer habits, according to Coolmate.

In the third quarter alone, consumers spent nearly VND4.95 trillion ($200 million) on men's fashion items across five platforms: Shopee, TikTok Shop, Lazada, Tiki, and Sendo, according to data tracker Metric.