Coolmate, a Vietnamese brand known for its digital-first approach in fashion, has successfully completed its latest Series C financing. The specific details of the funding have been kept under wraps, but it is understood that the funds will be used to fuel both global expansion and the brand’s entrance into women’s fashion.
The fundraising effort was spearheaded by Vertex Growth Fund and saw contributions from Cool Japan Fund, YoungOne CVC, and other pre-existing investors such as Vertex Ventures SEA & India and Kairous Capital.
Nhu Chi Pham, the CEO and founder of Coolmate, expressed her gratitude for the investment. She asserted, “This financial boost enables us to further endorse our vision, break into new markets, and continue to cultivate a brand that is a true symbol of Vietnamese ingenuity.”
Established in 2019, Coolmate has quickly made its mark on the industry, having already fulfilled over 5 million orders across the nation. It operates using a technology-aided local supply chain, allowing for efficient and effective business transactions.
This latest influx of capital will be strategically funneled into three main areas: Women’s fashion, global market penetration, and the establishment of physical retail outlets.
Coolmate launched its “Go Women” initiative in March, introducing a new line of activewear for women. The company has a 2030 target of generating 40% of its total revenue from women’s products.
The “Go Global” strategy has been initiated with Coolmate’s debut on Amazon US where it has quickly gained a “Best Seller” status and now processes over 25,000 orders monthly. The next phase of this strategy involves expanding throughout Southeast Asia in an effort to reach 30% international revenue by the year 2030.
Finally, with the “Go Offline” strategy, Coolmate plans to open brick-and-mortar stores, aiming to enhance customer experience, and projecting to obtain 40% of its revenue from offline sales by 2030.
It’s worth noting that Coolmate secured a $6 million investment in a Series B fundraising round last year, led by Vertex Venture Southeast Asia and India.
What is Coolmate’s business model?
Coolmate operates with a digital-first approach in fashion, utilizing a technology-enabled local supply chain to conduct business transactions efficiently.
What are the future expansion plans of Coolmate?
Coolmate plans to venture into women’s fashion, expand its brand globally, and establish physical retail outlets to enhance customer experience.
What are the goals set for 2030 by Coolmate?
Coolmate aims to achieve 40% of its total revenue from women’s products, 30% international revenue, and 40% of its revenue from offline sales by 2030.
