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Gabriel Budi Sutrisno · · 2 min readExclusive: East Ventures leads $600k seed round of Singapore D2C firm
Evo, a health and wellness direct-to-consumer (D2C) startup based in Singapore, has completed a US$600,000 seed funding round led by East Ventures.
Participating angel investors include Aaron Tan, co-founder and CEO of Carro; Joel Leong, co-founder of ShopBack; Mohandass Kalaichelvan, CEO and founder of Spenmo; and Jonathan Tan, founder and managing director of Prism+.
Evo co-founder and CEO Roy Ang / Photo credit: Evo
Founded in 2020, Evo offers health supplements and hair products. It has over eight brands to its name, including BounceBack, a livercare and anti-hangover supplement, and “mantou,” an anti-hair loss product. The firm says it is launching other supplement categories to tackle sleep, hair health, and immunity issues under the brand Stryv.
Founders Roy Ang and Teoh Ming Hao are both alumni of regional super app Grab. Prior to that, they also held management positions at e27 and Tech in Asia.
Evo, which operates in 10 markets globally, saw 700% growth in the last five months. The company said it hit break-even in June and is eyeing an eight-digit annualized revenue by the end of 2022.
“We believe that COVID-19 has drastically sped up ecommerce purchase patterns globally. We aim to be the new age, digital-native brand that serves customers within the health and wellness category, with better branding, better product content, and more affordable pricing by removing the middleman in the mix,” says Ang, who also serves as the firm’s CEO.
Evo will use the fresh funds to expand its product range and double down on R&D for new product categories. It is also looking to raise another US$500,000 in the third quarter of the year.
Besides Singapore, Evo’s teams also operate in Indonesia and Korea. Other institutional investors of the company include Bonjour Holding, SparkLab Ventures, Paragon Capital, and Farquhar Ventures.
See also: India’s beauty D2C space is booming, but SEA’s may be even bigger
Editing by Putra Muskita and Eileen C. Ang
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Evo, which focuses on health and wellness, grew 700% in the last five months. The founders of Carro, ShopBack, and Spenmo are among its angel investors.
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