Coolmate, a Vietnam-based e-commerce direct-to-consumer (D2C) men’s apparel brand, has announced the completion of its $6 million Series B funding round, led by Vertex Ventures Southeast Asia & India, according to an announcement.
Malaysian private equity and venture capital firm Kairous Capital also participated in this round.
The investment will accelerate Coolmate’s international expansion, product innovation and omnichannel retail presence across Southeast Asia.
This move comes after Coolmate raised $2 million in a Series A funding round from a group of investors including Access Ventures, Do Ventures, CyberAgent Capital, and DSG Consumer Partners in May 2022.
In March 2022, Coolmate raised $1.1 million in a pre-Series A funding round led by South Korean VC firm STIC Ventures and backed by VIC Partners, a Vietnam-based VC firm. The startup had raised $500,000 each from STIC Ventures and local VC Next100 in 2021.
The latest funding round brings the company’s overall fundraising to $10.25 million.
Founded in Hanoi in 2019, Coolmate specialises in selling ‘Made in Vietnam’ apparel directly to consumers. It has rapidly become Vietnam’s foremost online-first, direct-to-consumer (D2C) men’s brand. Coolmate, which collaborates with export-oriented factories, is known for innovative products, and affordability.
“We are excited about this opportunity to work with Coolmate’s team. Coolmate represents the new generation of SE Asia’s homegrown D2C brands that leverage the region’s fast-expanding supply chain advantage, and Nhu represents the new generation of Vietnamese founders who are very connected to the local consumer’s mindset and also have a global ambition,” said Gen Ping Liu, Partner at Vertex Ventures Southeast Asia & India.
Vertex Ventures Southeast Asia & India is a leading early-stage venture capital firm focused on partnering with high-growth startups across Southeast Asia and India.
Last year, Vertex Ventures announced the final close of its fifth Southeast Asia & India fund at $541 million, or about 80% higher than its predecessor. The fifth fund also exceeded its target size of $450 million despite the challenging fundraising environment.