Menswear startup raises $2.3 mln

By Quang Tue September 5, 2022 | 05:30 pm PT

Some Coolmate's products. Photo courtesy of the company

Coolmate, a Vietnamese menswear brand sold online, has raised $2.3 million from GSR Ventures and Do Ventures as an addition to its series A round.

This brings the round’s total size to $4.3 million. Coolmate said the funding will be used to "accelerate the completion of the supply chain" for its products, upgrade its operating system, and employ more manpower.

In May, Coolmate had raised $2 million in a round led by Access Ventures with participation from Do Ventures, CyberAgent Capital and DSG Consumer Partners.

The funding marks GSR Ventures' first investment in Vietnam. The U.S.-based venture firm has backed some unicorns including Didi, Ele.me, and Xiaohongshu.

"We are impressed by how [co-founder and CEO] Nhu Pham and the Coolmate team are leveraging technology to transform the traditional retail industry and delight consumers with high-quality yet affordable products," Asian tech-focused platform Tech in Asia quoted GSR Ventures Managing Director Allen Zhu.

Founded in 2019, the startup operates no physical store to date. It reportedly gets 10,000 orders a day now compared to 2,000 in the first year of operation.

It claimed revenues of $6 million last year, and expects to collect $19 million this year.