Coolmate, a Vietnamese e-commerce direct-to-consumer (D2C) men’s apparel brand has raised $6 million in its Series B funding round, led by Vertex Ventures Southeast Asia & India. Malaysian private equity and venture capital firm Kairous Capital also participated in this round.
The fresh investment will be used for international expansion, product innovation and omnichannel retail presence across Southeast Asia (SEA).
The latest funding round brings the company’s overall fundraising to $10.25 million. In 2021, Coolmate had raised $500,000 each from STIC Ventures and local VC Next100 in seed funding. In March 2022, Coolmate raised $1.1 million in a pre-Series A funding round led by South Korean VC firm STIC Ventures.
In May 2022, Coolmate raised $2 million in its Series A funding round from Access Ventures, Do Ventures, CyberAgent Capital, and DSG Consumer Partners.
Pham Chi Nhu, CEO and Co-Founder of Coolmate, said, “I am delighted to continue this journey with Vertex Ventures Southeast Asia & India – a global VC with a strong business network and expertise to help us scale. From day one, we’ve been driven by a mission to build a responsible business that positively impacts not only its customers but also its employees and society. At Coolmate, we are highly committed to reducing our environmental footprint whilst providing durable, stylish and comfortable clothing for modern consumers. These have always been our core values from the beginning.”
Gen Ping Liu, Partner at Vertex Ventures Southeast Asia & India, said, “We are excited about this opportunity to work with Coolmate’s team. Coolmate represents the new generation of SEA’s home-grown D2C brands that leverages the region’s fast-expanding supply chain advantage, and Nhu represents the new generation of Vietnamese founders who are very connected to the local consumer’s mindset and also have a global ambition.”
