Coolmate, a menswear brand that delivers products directly to customers via D2C E-commerce, has raised $2 million in a Series A funding round led by Access Ventures and Access Ventures. participation from Do Ventures, CyberAgent Capital, and DSG Consumer Partners funds.
Founded in early 2019, Coolmate follows the D2C e-commerce model to cut distribution costs in traditional retail, bringing to consumers 100% Vietnamese-made garments with high quality. High quality and reasonable price. After three years of operation, from a company with just over 2,000 orders per month, Coolmate has now processed more than 10,000 orders per day, of which more than 50% of orders come from old customers. With revenue growth of more than three times per year, Coolmate is on track to hit the $19 million revenue mark in 2022.
Covid-19 has contributed to shortening the digital transformation process and strongly impacted online shopping behavior. According to a report by Google, Temasek, Bain & Company, Vietnam’s e-commerce market grows 53% from $8 billion in 2020 to $13 billion in 2021, and is forecast to reach $39 billion by 2025. In the midst of an explosion of online shopping habits, Coolmate built a domestic fashion brand with its own strengths in the context of strong and competitive e-commerce growth.
Targeting young users, Coolmate’s products are minimalistic in design with a focus on materials that bring the most comfort to the wearer, are usable in many situations, and are eco-friendly. school. The most advanced fashion technologies such as Excool (extremely dry), Anti-Smell (prevents odor), CleanDye (dry dye without water), HeiQ Viroblock (prevents viruses on the fabric surface) are applied to the product. company products. In addition, Coolmate develops an independent e-commerce website built from the ground up by a team of seasoned programmers. The focus on technology investment allows the Coolmate platform to establish exclusive features such as smart size selection, size fit analysis, and diverse payment methods.
As a new generation of domestic fashion brand, Coolmate especially values the experience and trust of customers. The company implements a 60-day return policy for any reason. Customers just need to text or call Coolmate, the postman will come to your place to exchange and return the product for free. The recalled products will be classified by Coolmate according to different purposes, and the reusable products will be donated to charity. “We aim to not only sell products, but also sell a different shopping experience to consumers. The D2C model allows us to connect directly with customers, often listening and understanding their needs. theirs,” said Pham Chi Nhu, CEO & Co-Founder of Coolmate.
Coolmate will use the new capital for three main purposes: research and expand its product portfolio with new materials to improve comfort for customers; upgrade the operation system to be able to meet the packaging and delivery stages on a large scale; improve team capacity to meet the company’s rapid development speed.
Mr. Charles Rim, Managing Director at Access Ventures, said: “Coolmate is at the forefront of fashion technology in Vietnam with diversity and originality in their business strategy. Once it reaches a new milestone in fundraising, we anticipate that Coolmate will really accelerate in the near future, achieving its business goals and strengthening its position in the fashion industry in Vietnam. Male.”
Ms. Le Hoang Uyen Vy, Managing Director at Do Ventures, said: “The Coolmate leadership team has a vision of the business model, optimal operational capabilities, and always takes decisive action. We believe that , with resources from investors, Coolmate will continue to write inspirational stories in the field of fashion technology that the company is pursuing.”
Source: CafeF
Source: Vietnam Insider