Sign up for the Daily Newsletter, sent exclusively to our Premium subscribers. We break down the big and messy topics of Asia’s tech and startup community. Get the newsletter in your inbox everyday with a Premium subscription.
Hello reader,
Tech in Asia has regularly highlighted the massive opportunity for beauty-focused direct-to-consumer (D2C) startups in Southeast Asia and India.
The rise of digital commerce, driven by online shopping marketplaces such as Shopee and Lazada, has transformed how the 400 million internet users in Southeast Asia shop. Yet brands are growing increasingly averse to relying on ecommerce marketplaces due to rising costs and loss of customer data.
Amid the funding winter in Vietnam, a D2C startup specializing in men’s fashion, has managed to more than double its initial series A fundraise.
Today we look at:
- A Vietnamese D2C startup’s US$4.3 million series A round
- 99 Group’s potential acquisition of Vietnam’s Propzy
- Other newsy highlights such as Foodpanda hopping on the the layoff bandwagon and HappyFresh hiring a turnaround firm
Also, if you’re an entrepreneur looking for funding, fill out this form to get your company featured on our list of fundraising startups.
Premium summary
It ain’t over till it’s over
Image credit: Timmy Loen
Coolmate, which sells men’s clothing items, ranging from basics like t-shirts and jeans to activewear, had initially bagged US$2 million in a series A funding round led by Access Ventures in May.
However, the firm, a graduate of the 500 Startups accelerator program, managed to more than double that figure after adding US$2.3 million from GSR Ventures and Do Ventures earlier this week to the round.
- Breaking new ground: The Coolmate funding marks GSR Ventures’ first investment in Vietnam. “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,” said Allen Zhu, managing director at GSR Ventures.
- To become bigger, faster: Coolmate aims to “accelerate the completion of the supply chain” for its fashion products through sourcing new material and improving production technology. The firm is also setting up partnerships with larger and more diversified fabric, garment, and accessories suppliers.
- Setting milestones with an eye on the public markets: The Hanoi-headquartered company said 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.
Read more: Exclusive: Vietnamese D2C startup raises $4.3m in series A round
M&A chatter in the proptech world
Startup Factory connects startups with thousands of potential users, investors and partners at TIA Conference!
Quick bytes
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
