Exclusive: Vietnamese D2C startup raises $4.3m in series A round

Coolmate, a Vietnamese direct-to-consumer (D2C) startup specializing in men’s fashion, announced that it has raised US$2.3 million from GSR Ventures and Do Ventures as an addition to its series A round.

This brings the round’s total size to US$4.3 million. In May, Coolmate had raised US$2 million in a round led by Access Ventures with participation from Do Ventures, CyberAgent Capital, and DSG Consumer Partners.

Coolmate says revenue has tripled over the past year, and it is on track to hit US$19 million in sales for 2022. It is also targeting an IPO in 2025.

Photo credit: Coolmate

The Coolmate funding marks GSR Ventures’ first investment in Vietnam. The US-based firm, which recently made its first Southeast Asian hire, has backed companies like Xiaohongshu, Ele.me, and Advance Intelligence Group.

“We are impressed by how [co-founder and CEO] Nhu Pham and the Coolmate team are leveraging technology to transform the traditional retail industry and delight consumers with high-quality yet affordable products,” says Allen Zhu, managing director at GSR Ventures.

Founded in early 2019, Coolmate sells men’s clothes items ranging from basics like t-shirts and jeans to activewear. Its products are all made in Vietnam, one of the world’s biggest apparel manufacturers.

Coolmate co-founder and CEO Nhu Pham / Photo credit: Coolmate

With this latest funding, the Hanoi-headquartered company aims to “accelerate the completion of the supply chain” for its fashion products through new material sourcing and production technology. It is also setting up partnerships with larger and more diversified fabric, garment, and accessories suppliers.

Previously, Coolmate graduated from a 500 Startups accelerator program in Vietnam in 2020.

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