Coolmate – the first startup in Vietnam to receive capital from the world’s leading investment fund

Coolmate has just received an additional $2.3 million in Series A round from GSR Ventures, becoming the first startup in Vietnam to receive capital from a world-leading investment fund that has supported a series of unicorn startups such as Didi, Ele.me, Xiaohongshu.

Coolmate announced it has raised an additional $2.3 million, including newly issued shares and from existing shareholders from GSR Ventures and Do Ventures.

This is Coolmate’s 5th successful fundraising announcement after Shark Tank Vietnam. In the most recent funding round in May 2022, Coolmate successfully raised USD 2 million led by Access Ventures with the participation of Do Ventures, CyberAgent Capital, and DSG Consumer Partners.

CEO at Coolmate Pham Chi Nhu, said: ” GSR Ventures is a reputable investment fund with extensive experience in leading early-stage startups to become unicorns (startups valued at over $1 billion). Therefore, We decided to expand the Series A round to have the opportunity to accompany GSR, learn valuable knowledge in building supply chains, thereby bringing Coolmate to a breakthrough stage of development. ”

Founded in early 2019, Coolmate follows the D2C e-commerce model (providing products directly through online channels), in order to cut distribution costs in traditional retail. Coolmate products are 100% manufactured in Vietnam from high quality fabrics and accessories. This model allows Coolmate to regularly connect and listen to the needs of customers, thereby providing the best shopping experience.

After 3 years of operation, with revenue increasing 3-4 times per year, Coolmate wishes to become an example of a responsible business by doing sustainable, profitable business, bringing practical value to customers. customers, employees, partners, and shareholders.

With capital and support from GSR Ventures and Do Ventures, Coolmate plans to quickly complete the supply chain for its apparel product line, from sourcing new materials and production technology, to directing continue to work with larger and more diversified suppliers of fabrics, apparel and accessories.

In the context that Vietnam’s e-commerce is developing strongly, along with the country’s textile and garment industry having the opportunity to make a positive change by consolidating value chains instead of operating separately, Coolmate will take advantage of different resources. effectively to realize the sales target in 2022, towards IPO in 2025.