The fashion platform that was on Shark Tank continues to be invested 2 million USD

 Coolmate - an e-commerce men's fashion platform has raised $2 million in Series A funding from Access Ventures, Do Ventures, CyberAgent Capital 

The fashion platform that was on Shark Tank continues to be invested 2 million USD - 1

In addition to e-commerce platforms, Coolmate also builds its own sales website with many features.

 

 

 

Leading the way is Access Ventures, a venture capital fund focused on early-stage technology companies in Southeast Asia, with a focus on Vietnam and Indonesia. There is also participation from Do Ventures, CyberAgent Capital and DSG Consumer Partners funds.

Coolmate follows the D2C e-commerce model to reduce distribution costs in traditional retail. The company provides 100% garment products made in Vietnam at reasonable prices, simple product design orientation to suit the majority of customers, environmentally friendly materials.

Covid-19 has contributed to shortening the digital transformation process and strongly impacted online shopping behavior. According to a report by Google, Temasek, Bain & Company, Vietnam's e-commerce market grows 53%, from 8 billion USD in 2020 to 13 billion USD in 2021, forecasted to reach 39 billion USD in 2025.

After three years of operation, from a company with just over 2,000 orders per month, Coolmate has now processed more than 10,000 orders per day, of which more than 50% of orders come from old customers. With revenue growth of more than three times per year, Coolmate is on track to hit the $19 million revenue mark in 2022.

Coolmate said it will use the new capital for three main purposes: research and expand the product portfolio, upgrade the operating system to be able to meet the packaging and delivery process on a large scale, improve the production capacity of the company. team force to meet the company's rapid development speed.

Talking about the reason for investment, Managing Director at Access Ventures Charles Rim, commented: "Coolmate is in a leading position in fashion technology in Vietnam with diversity and uniqueness in business strategy. their business".

Meanwhile, Ms. Le Hoang Uyen Vy, Managing Director at Do Ventures, said that Coolmate's leadership team has a vision of the business model, optimal performance, and always acts decisively.

"We believe, with resources from investors, Coolmate will continue to write inspirational stories in the field of fashion technology that the company is pursuing," added Ms. Uyen Vy.