Coolmate Secures $6M Funding to Expand in Southeast Asia
Deal News | Nov 01, 2024 | Vertex Venture Management Pte
Coolmate, a direct-to-consumer men's apparel brand based in Vietnam, has successfully concluded a $6 million Series B funding round led by Vertex Ventures Southeast Asia & India. This new investment aims to boost Coolmate's international growth, enhance product innovation, and strengthen its omnichannel retail strategy across Southeast Asia. The Series B funding also saw participation from Kairous Capital, alongside previous rounds garnering investments from Access Ventures, Do Ventures, CyberAgent Capital, and DSG Consumer Partners. Founded in 2019 in Hanoi, Coolmate distinguishes itself by selling affordable 'Made in Vietnam' apparel directly to consumers. The company now boasts a total fundraising of $10.25 million. Vertex Ventures, a key investor in this round, recently closed its fifth Southeast Asia & India fund at $541 million, reflecting its commitment to nurturing high-growth startups in the region.
Sectors
- E-commerce
- Fashion
- Venture Capital
Geography
- Vietnam – Coolmate is based in Vietnam, with its operations largely tied to the Vietnamese market and manufacturing capabilities.
- Southeast Asia – The targeted expansion and investment from Southeast Asian-focused VC firms underline the regional significance.
Industry
- E-commerce – Coolmate operates as an e-commerce platform providing direct-to-consumer apparel solutions, central to the digital marketplace space.
- Fashion – The company specializes in men's apparel, indicating its core operation within the fashion and apparel industry.
- Venture Capital – The involvement of Vertex Ventures, Kairous Capital, and other venture capital firms highlights the role of investment and funding dynamics in the startup ecosystem.
Financials
- $6 million – The amount raised in the Series B funding round.
- $10.25 million – The total amount of funds Coolmate has raised to date.
- $541 million – The final close amount of Vertex Ventures' fifth Southeast Asia & India fund.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Coolmate | Target Company | Company | A Vietnam-based direct-to-consumer e-commerce platform specializing in men's apparel. |
| Vertex Ventures Southeast Asia & India | Lead Investor | Company | A leading venture capital firm investing in early-stage high-growth startups across Southeast Asia and India. |
| Kairous Capital | Investor | Company | A Malaysian PE and VC firm participating in the funding round. |
| Access Ventures | Investor in previous rounds | Company | A venture capital firm that participated in Coolmate's earlier Series A round. |
| Do Ventures | Investor in previous rounds | Company | An investment firm that joined Coolmate's Series A funding. |
| CyberAgent Capital | Investor in previous rounds | Company | A venture capital firm involved in the earlier funding stages. |
| DSG Consumer Partners | Investor in previous rounds | Company | Focused on consumer businesses, this firm was part of Coolmate's Series A round. |
| STIC Ventures | Pre-Series A Lead Investor | Company | A South Korean VC firm leading Coolmate's pre-Series A funding. |
| VIC Partners | Pre-Series A Backer | Company | Vietnam-based VC firm that supported Coolmate's pre-Series A funding. |
| Next100 | Investor | Company | A local Vietnamese VC firm involved in Coolmate's previous funding rounds. |