Coolmate, the menswear e-tailer from Vietnam, has raised an additional US $ 2.3 million for its Series A funding round.
The online fashion retailer is the first start-up from Vietnam to get funding from GSR Ventures, which also participated in the funding round along with Do Ventures.
Back in May 2022, the D2C menswear start-up had raised US $ 2 million in Series A round.
Coolmate believes that with the support from GSR Ventures and Do Ventures, it will speed up the completion of the supply chain for its apparel line, starting with new material sourcing and production technology, besides setting up partnerships with larger and more diversified fabric, garment and accessory suppliers.
The clothing e-tailer also said that it will utilise the new capital to attain its sales target in 2022 and also plan for an IPO in 2025.
Founded in 2019, Coolmate products are minimalistic in design, highly functional and eco-friendly. It has tripled its revenue over the past year and is on track to hit the US $ 19 million revenue target in 2022.
