Vietnam e-commerce fashion startup, Coolmate, has raised an additional US$2.3 million from GSR Ventures in a Series A funding round, taking the amount it has raised this year to $5.4 million.
Coolmate’s fifth fundraising, including newly issued shares and the participation of existing shareholder Do Ventures. The funds will be used for supply-chain development.
The retailer is Vietnam’s first startup to receive capital from GSR Ventures, a fund with US$3 billion invested in a raft of mostly Mainland Chinese companies, including Chinese ride-hailing app Didi, and Ele.me (since sold to Alibaba).
Last May, Coolmate bagged US$2 million in capital, led by Access Ventures with the participation of Do Ventures, CyberAgent Capital, and DSG Consumer Partners.
Founded in 2019, Coolmate is known for its D2C e-commerce retailing model, offering menswear products manufactured in Vietnam. Since its inception, its revenue has grown three to four times annually as online shopping booms in the Southeast Asian country.
The company aims to make its IPO debut in 2015.