With this additional raising round from GSR Ventures, the Vietnamese e-commerce fashion start-up Coolmate has taken its total raised this year to over $5M.
The new funds are set to be used for supply-chain development and the fundraising includes newly issued shares and the participation of existing shareholder Do Ventures.
Coolmate becomes the first retailer to receive capital from GSR Ventures, which is a fund that has invested around $3bn in many businesses around Mainland China.
Created three years ago, the Coolmate brand is known for its D2C e-commerce retailing model and they predominantly offer menswear products that are manufactured in Vietnam. Ever since it began operations its trajectory has been on an upward curve, with its revenue increasing three to four times each year as online shopping becomes ever more popular in the Southeast Asian country.
