Deepti Sri · · 1 min readEast Ventures, GSR back $2m round of SG wellness firm
Evo Commerce, a direct-to-consumer firm based in Singapore, has raised US$2 million in its pre-series A round from investors including GSR Ventures, East Ventures, and 33 Capital.
Evo Commerce CEO Roy Ang / Photo credit: Evo Commerce
Rainforest CEO JJ Chai, Wallex co-founder Hiro Kiga, and BrideStory co-founder Emile Etienne also took part in the financing.
Formerly known as Evolut Holdings, Evo Commerce is an online retailer that sells health, beauty, and wellness products. Its flagship offering is BounceBack, an anti-hangover solution that it has rolled out across 10 markets globally.
In 2022, Evo Commerce saw a 12x increase in revenue. Currently, the firm serves over 20,000 customers.
The company will use the fresh funds to fuel its global expansion plans, develop its ecommerce and online channels, and scale its manufacturing and R&D capabilities for new product categories.
See also: Indonesian D2C beauty brands build foundation for regional expansion
“We hope to continue to grow 10 times over in 2023 while maintaining our profitability with expectations to launch multiple products in the coming year,” said Evo Commerce CEO Roy Ang.
In October 2022, the firm raised US$600,000 in a seed round led by East Ventures.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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