According to Tech in Asia, Coolmate, a popular menswear startup, has announced a successful fundraising of $2.3 million from GSR Ventures and Do Ventures.
With an effective direct-to-consumer (D2C) model, Coolmate’s revenue has tripled in just the past year and is on track to reach its revenue target of $19 million this year, tied with The not-so-distant goal is to make an IPO in 2025.
New investment in August raised the scale of Coolmate’s Series A to $4.3 million. In May, Coolmate successfully raised $2 million in a funding round led by Access Ventures with participation from Do Ventures, CyberAgent Capital, and DSG Consumer Partners.
Founder & CEO Coolmate Mr. Pham Chi Nhu
The investment in Coolmate marks the first time GSR Ventures has invested in Vietnam, having previously invested in popular Asian startups such as Xiaohongshu, Ele.me and Advance Intelligence Group.
Coolmate was established in 2019 and has excellently entered the Top 10 finalists of Startup Wheel 2020.