After Shark Tank, Coolmate raised 2 million USD, will reach 19 million USD in revenue in 2022
Coolmatea menswear brand that delivers products directly to customers via e-commerce (D2C E-commerce), has raised $2 million in a Series A funding round led by Access Ventures and partner participation from Do Ventures, CyberAgent Capital, and DSG Consumer Partners funds.
Founded in early 2019, Coolmate follows the D2C (Direct to Consumer) e-commerce model in order to cut distribution costs in traditional retail, bringing to consumers 100% locally produced garments. Vietnam with high quality and reasonable price.
After three years of operation, from a company with just over 2,000 orders/month, Coolmate has now processed more than 10,000 orders/day, of which more than 50% of orders come from old customers. With revenue growth of more than 3 times per year, Coolmate is on track to hit the $19 million revenue milestone in 2022.
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 differentiated shopping experience to consumers. D2C model allows us to connect directly with customers, often listening and understanding their needs,” said Pham Chi Nhu, CEO & Co-Founder of Coolmate.
Coolmate will use the new capital for 3 main purposes: research and expand the product portfolio with new materials to improve the comfort of use 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.
Charles Rim, Managing Director at Access Ventures, said:Coolmate is in a leading position in the field of fashion technology in Vietnam with the diversity and originality of their business strategy. After reaching a new milestone in fundraising, we anticipate Coolmate will really accelerate in the near future, achieving its business goals and strengthening its position in the fashion industry in Vietnam. Vietnam.”
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