Vietnamese Menswear Startup Raises US$2.3 mln From GSR Ventures

Coolmate has just received an additional $2.3 million in series A round from GSR Ventures, becoming the first startup in Vietnam to receive capital from a world-leading investment fund that has supported a series of unicorn startups such as Didi, Ele.me, Xiaohongshu. This round also includes the participation of Do Ventures.

Rosie Nguyen

ngtrang12.ftu@gmail.com September 10, 2022 | 14:12

Vietnamese Menswear Startup Raises US$2.3 mln From GSR Ventures

Photo: Coolmate

Period of tremendous growth

Coolmate continues to raise US$2.3 million in capital after a series A round of US$2 million in recent May 2022, led by Access Ventures, with the participation of Do Ventures, CyberAgent Capital, and DSG Consumer Partners.

Pham Chi Nhu, CEO of Coolmate, said: “GSR Ventures is a reputable investment fund with extensive experience in leading early-stage startups to become unicorns (startups valued at over US$1 billion). Therefore, we decided to participate in the series A round to have the opportunity to accompany GSR, learn valuable knowledge in building supply chains, bringing Coolmate to a breakthrough development stage.”

Photo: nhipsongkinhte

“We are impressed by how CEO Pham Chi Nhu and the Coolmate team are leveraging technology to transform the traditional retail industry and delight consumers with high-quality yet affordable products,” GSR Ventures Managing Director Allen Zhu said.

“Coolmate is GSR Ventures' first investment in Vietnam. We are delighted to have the opportunity to partner with and support the company to achieve breakthrough development milestones.”

Founded in early 2019, Coolmate follows the D2C business model (providing products directly through online channels), to cut distribution costs in traditional retail.

Coolmate products are 100% manufactured in Vietnam from high quality fabrics and accessories.

Aimed at young users, Coolmate's products are minimalistic in design with a focus on materials that bring the most comfort to the wearer, usable in many situations, and are eco-friendly.

After three years of operation, with revenue increasing 3-4 times per year, Coolmate aspires to become an example of a responsible business by doing sustainable, profitable business, bringing practical value to customers, employees, partners, and shareholders.

CEO Pham Chi Nhu. Photo: nhipsongkinhte

Complete supply chain

With capital and support from GSR Ventures and Do Ventures, Coolmate will quickly complete the supply chain for its apparel product line, from sourcing new materials and production technologies, to working directly with larger-scale fabric, garment & accessory suppliers.

In the context of Vietnam's e-commerce growing strongly, along with the country's textile and garment industry having the opportunity to change positively, Coolmate will effectively utilize resources to realize its 2022 sales target, progressing to an IPO (Initial Public Offering) in 2025.

GSR Ventures, founded in 2004, is one of the most successful early-stage venture capital funds in the world, with over US$3 billion in scale, and offices in Singapore, Silicon Valley, and Beijing. The fund focuses on early-stage technology companies capable of developing enterprise software, consumer platforms, and medical technology.

Do Ventures is a US$50 million early-stage venture capital fund that acts as a strategic partner for startups. Do Ventures seeks investment opportunities in technology startups capable of developing products/services that bring convenience and improve the lives of consumers in Vietnam and Southeast Asia. Some of the companies invested by Do Ventures include: F99, Palexy, MFast, VUIHOC, Bizzi, Validus, ShopBase, Selly, Coolmate, and Azota.

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