Coolmate
Coolmate is a Vietnamese retailer brand that sells menswear products on its own e-commerce store.
E-commerce
Startup Description
Founded in early 2019, Coolmate is known for its D2C e-commerce retailing model, offering menswear products manufactured in Vietnam. The D2C e-commerce model allows them to provide products directly through online channels and cut the distribution costs in traditional retail.
The homegrown retailer brand is the first Vietnamese startup to receive funding from the world-renowned early backer of unicorns, GSR Ventures. The California-based fund has $3 billion invested in a raft of mostly mainland Chinese companies, including Chinese ride-hailing app Didi, and Ele.me (since sold to Alibaba) as well as Advance Intelligence Group, Nium, Ele.me, and Xiaohongshu.
Coolmate boasts 100% high-quality Vietnamese-made clothing and accessories. Year to date, the company has managed to triple its revenue and is on track to hit its $19 million sales target for 2022.
The brand is about setting an example of a sustainable business that can bring real value to its employees, customers, partners, and shareholders.
Coolmate raised an additional $2.3 million for its Series A funding round participated by GSR Ventures and Do Ventures in September 2023. Following the success of its May 2022 Series A round led by Access Ventures with the participation of Do Ventures, CyberAgent Capital, and DSG Consumer Partners, which enabled them to secure $2 million, this fresh capital was raised in a mix of primary and secondary deals. All in all, Coolmate has raised a total of $5.4 million for Series A round.
Startup Details
Venture Round
Series A
Website
Address
1st Floor, No. 163 Tran Trong Cung, Tan Thuan Dong Ward, District 7, Ho Chi Minh City
Investors
500 Vietnam is a US$14 million fund aiming to make ~80 investments into Vietnam-connected startups
Ascend Vietnam Ventures is an early-stage venture capital firm that aims to empower tech entrepreneurs in Vietnam and beyond to transform the lives of people everywhere positively.
Cyberagent Capital focuses on investing in and supporting Internet businesses and highly specialized incubation capabilities.
DSG Consumer Partners is focusing on identifying, investing in, and growing consumer businesses in India & Southeast Asia.
Do Ventures is an early-stage VC firm that focuses on making investments in technology companies in Vietnam and Southeast Asia. Do Ventures looks for pioneers with a desire to create disruptive products.
VIC Partners specializes in seed funding and empowering Vietnamese startups through investment and mentorship.
Vertex Ventures Southeast Asia and India (VVSEAI) partners with founders to build transformative businesses, offering expertise, capital, and global resources to help startups become global leaders.