Selling men’s fashion online to receive 2 million USD


Coolmate – a Vietnamese men’s fashion brand that uses friendly materials and sells directly through an online channel has just received a capital investment of 2 million USD.

Participating in funding Coolmate in the Series A round is the Access Venture fund, along with the participation of Do Ventures, CyberAgent Capital and DSG Consumer Partners.

Pham Chi Nhu, CEO and Co-Founder of Coolmate, said he would use the new capital for three main purposes: research and expand the product portfolio with new materials; upgrade the operation system to be able to meet the packaging and delivery stages on a large scale; recruiting more staff.

Founded in early 2019, this domestic fashion startup offers 100% made-in-Vietnam garments for men. They apply technology in both production and sales.

Pham Chi Nhu, Co-founder and CEO of Coolmate. Photo provided by the company

Specifically, this brand pursues minimalist design, focusing on materials for the wearer to use in many situations and being environmentally friendly. For example, Excool (helps dry), Anti-Smell (prevents odors), CleanDye (dry dye without water), HeiQ Viroblock (prevents viruses on the fabric surface).

At the sales stage, they follow the D2C (Direct to customer) e-commerce model, which means that the manufacturer sells directly to the buyer through an online channel without intermediaries.

According to self-published information, after three years of operation, from sales of just over 2,000 applications per month, the company has now processed more than 10,000 applications per day. In which, more than 50% of orders come from old customers. With revenue growth of more than three times per year, they are on track to hit the $19 million revenue milestone in 2022.

Mr. Charles Rim, Managing Director at Access Ventures, said that this startup is in a leading position in the field of fashion technology in Vietnam. “After hitting a new milestone in funding, we anticipate Coolmate will really pick up the pace going forward,” he said.

Access Ventures is a venture capital fund focused on early-stage technology companies in Southeast Asia with a focus on Vietnam and Indonesia. The fund looks for startups with regional or global business models. Some of the fund’s notable investments include EcoTruck, Viet.co, Vexere, Palexy, Kata.ai, Perx Technologies, Sampingan, Skelter Labs.

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