Evo Commerce secures $2.8m, logs 25x revenue growth in 18 months

Evo Commerce CEO and co-founder Roy Ang / Photo credit: Evo Commerce

Singapore-based Evo Commerce, an online beauty retailer, appears to be on a hot streak as the market for beauty products in Southeast Asia continues to grow.

The company offers health, beauty, and wellness products directly to consumers. In just 18 months, from early 2022 to mid-2023, it achieved a 25-fold increase in revenue, the firm said.

Less than a year after securing its US$2 million pre-series A round, Evo Commerce has now also raised US$2.8 million in debt and equity financing. It will use the fresh funds for product and market expansion.

Funding details

• Funding amount: US$2.8 million
• Lead investor: IJK Capital Partners
• Other investors: Quek Siu Rui (Carousell), Joel Neoh (Fave), Tipsy Collective
• Stage: Undisclosed

Founded in 2020 by three former employees of Grab, Evo Commerce was formerly known as Evolut Holdings. Roy Ang, Evo Commerce CEO and co-founder, believes that the health and beauty industry is still untapped in Southeast Asia, adding that the firm seeks to increase accessibility to these products.

One of its flagship offerings is Bback (previously Bounceback), a hangover relief solution that has “firmly established itself as a household name,” said Josh Lim, managing partner at IJK Capital. Another brand is Stryv, which specializes in personal care electronics.

Evo Commerce said it aims to raise an additional US$1 million to US$2 million for this round and become EBITDA positive within the next six months.

See also: Bootstrapped and profitable: Singapore’s 9-figure D2C secret

More details