In a breakout year for Vietnam’s startup ecosystem, one name stood above the rest: Phạm Chí Nhu, the 34-year-old founder of men’s fashion brand Coolmate.
In 2025, Coolmate closed a US$22.34 million Series B+ round, making it the most heavily funded Vietnamese startup of the year, according to investor data from VinVentures.
But the bigger story is not the capital — it is the ambition. Nhu says customers back Coolmate because they want to see a Vietnamese brand go global “like Japan’s Uniqlo, Germany’s Adidas, and America’s Nike.”
From Finance Graduate to D2C Disruptor
Born in 1991, Nhu graduated in finance and banking before entering leather manufacturing. In March 2019, he co-founded Coolmate with a simple but differentiated thesis: sell high-quality men’s basics directly to consumers online (D2C), eliminate middlemen, and offer a 60-day return policy — rare in Vietnam’s fashion market at the time.
The formula worked quickly.
Within one year, Coolmate generated VND 39 billion in revenue, growing 6.5 times from its first-year base. In 2021, Nhu secured US$500,000 on the Vietnamese edition of Shark Tank Vietnam, accelerating brand awareness and growth. Revenue that year reached VND 140 billion.
Subsequent funding rounds included:
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Pre-Series A (US$1.1 million) led by STIC Ventures
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Series A (US$2 million) led by Access Ventures, with participation from Do Ventures, CyberAgent Capital, and DSG Consumer Partners
By 2022, revenue approached VND 290–293 billion.
Crisis, Reset, and Operational Discipline
Growth was not linear.
In 2023, leadership acknowledged operational limits in scaling textile production. The company paused certain product lines, ended supplier relationships, and endured a three-month inventory gap to rebuild quality control systems.
The reset proved strategic. By 2024–2025, Coolmate had established two major operational hubs in Hanoi and Ho Chi Minh City, covering 3,000 square meters with over 100 staff across logistics, warehousing, and corporate functions.
The product range expanded from core men’s basics into:
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Sportswear (running, pickleball)
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Women’s activewear (launched March 2025)
Entering the U.S. Market
In early 2025, Coolmate quietly tested U.S. distribution via Amazon.
Within six months, the company reached US$1 million in U.S. sales. Its sports socks reportedly became a bestseller on Amazon U.S., with more than 25,000 monthly orders.
International revenue is now targeted to reach 50% of total sales by 2030, starting with the United States and Southeast Asia, including Thailand.
Scale by the Numbers
In 2025:
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1.2 million customers served
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5.7 million products sold
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One product delivered every 5.5 seconds
The newly raised capital will fund three strategic pillars:
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Go Women – expand into female segments
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Go Offline – develop physical retail presence
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Go Global – accelerate international growth
A National Brand Ambition
In a Lunar New Year letter to customers, Nhu wrote that buyers support Coolmate not only for quality and price, but because they want a Vietnamese fashion brand that can stand alongside global icons such as Uniqlo, Adidas, and Nike.
He acknowledged operational shortcomings — delayed deliveries, product inconsistencies — but emphasized continuous improvement over perfection.
For international investors, Coolmate represents a broader trend: Vietnam’s next generation of founders is not building for local dominance alone. They are building export-ready brands from day one.
Whether Coolmate can convert domestic loyalty into sustained global competitiveness remains to be seen. But in 2025, it became Vietnam’s most well-funded startup — and one of its most ambitious.
Source: Vietnam Insider