Coolmate, a Vietnamese menswear brand that is sold online, has raised US$2 million in a Series A funding round from a group of investors.
The round was led by Access Ventures and included Do Ventures, CyberAgent Capital and DSG Consumer Partners.
Coolmate intends to use the money to fund research into new products, upgrade its operating system and hire more human resources, its co-founder and CEO, Pham Chi Nhu, said.
Founded in 2019, the startup has no physical store up to date. It reportedly gets 10,000 orders a day now compared to 2,000 in the first year of operation.
It expects to achieve $19 million in revenues this year.
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