Raising an additional 6 million USD in Series B funding round, Coolmate has enough strength to go global

The investment will fuel Coolmate’s international expansion, product innovation, and enhanced omnichannel retail presence across Southeast Asia over the next two years.

Raising an additional 6 million USD in Series B funding round, Coolmate has the strength to "go global"

The investment will fuel Coolmate’s international expansion, product innovation, and enhanced omnichannel retail presence across Southeast Asia over the next two years.

Coolmate, a leading online fashion and apparel brand in Vietnam, has completed a Series B funding round led by Vertex Ventures SEA & India, with participation from Kairous Capital.

Vertex Ventures SEA & India is a leading venture capital firm, specializing in high-growth startups in Southeast Asia and India, having invested in many successful companies such as Grab, Nium, FirstCry and PatSnap…

Meanwhile, Kairous Capital is a venture capital fund focusing on technology and consumer startups in the Asian market. With a diverse portfolio, Kairous has successfully supported many prominent companies such as iPayLinks, Mercular.com, Pulsifi, PrimeKeeper,... helping companies expand their scale and improve their position in the international market.

Since its launch in 2019, Coolmate has become the online shopping destination for men in Vietnam.

Coolmate cooperates with prestigious, top quality garment factories in Vietnam to ensure simple design products, but reasonable quality and price, with a 60-day return policy without any reason.

Vietnam's $6.4 billion fashion market is growing strongly thanks to a favorable economic situation and changes in consumer shopping habits. Coolmate has made good use of the domestic supply chain to create products "Proudly made in Vietnam".

Mr. Pham Chi Nhu, Founder & CEO of Coolmate, shared: “Working with leading investment funds such as Vertex Ventures SEA & India and Kairous Capital is an opportunity to promote growth and build a more systematic and sustainable Coolmate.

According to GenPing Liu, Partner at Vertex Ventures SEA & India, Coolmate not only represents the new generation of homegrown D2C (direct-to-consumer) brands in Southeast Asia, taking full advantage of the region’s rapidly growing supply chain, but also demonstrates determination and strategic vision. As a young Vietnamese founder, Pham Chi Nhu, who understands the local consumer psychology and has the ambition to go global, is a symbol of the new generation of talented and dynamic entrepreneurs.

Coolmate has gone through 5 previous fundraising rounds, totaling 6.4 million USD. In 2022, Coolmate successfully raised 3 rounds of capital, 5.4 million USD from GSR Ventures, Do Ventures, Access Ventures, CyberAgent Capital, DSG Consumer Partners...

At the end of March, on the occasion of its 5th birthday, Coolmate announced its vision to 2030 and development strategy from 2025 - 2030. Accordingly, Coolmate aims to "become an iconic Vietnamese fashion brand, leading the domestic market and expanding globally" by 2030.

Specifically, this startup aims to grow revenue by an average of 50% per year, with a revenue target of 500 million USD in 2030, EBITDA maintained at over 10%, and a valuation of 1 billion USD (unicorn startup) by 2030.

Some other notable directions are diversifying consumer choices by selling more shoes & accessories, cosmetics, and nutritional supplements; launching offline distribution channels with new and more effective models than traditional retail models.

As for "going global", Coolmate will expand into the Southeast Asian and US markets with expected revenue accounting for 30% of the company's total revenue; at the same time, expand the customer segment to women and children, expected to account for 50% of revenue by 2030. In addition, Coolmate is also committed to investing more heavily in product innovation and production optimization to bring about a sustainable future.

In the immediate future, Coolmate's growth strategy until 2025 has notable points such as developing Activewear for women by mid-2025 to contribute at least 5% of the company's total revenue; bringing Coolmate's sales website into the top 100 most visited websites in Vietnam, thereby contributing 35% to the company's total sales.

Coolmate's revenue is expected to double annually, reaching $26 million in 2024 and $45 million in 2025. Gross margin is expected to be 43% in 2024 and 45% in 2025. EBITDA is expected to be 6% in 2024 and 12% in 2025.

In addition, Coolmate said it will move towards IPO in Vietnam in 2025.

Source: https://baodautu.vn/huy-dong-them-6-trieu-usd-tai-vong-goi-von-series-b-coolmate-du-luc-go-global-d228696.html