Vietname-based D2C brand Coolmate has raised $6 million funding in a Series B funding round led by Vertex Ventures Southeast Asia & India.
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Vietnam’s domestic apparel industry is worth $6.4 billion, thanks to favorable macroeconomic conditions and shifts in consumer behavior.
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The rapidly expanding middle-class consumer segment prioritizes quality and customer service. They are environmentally conscious and seek affordability.
The investment will help the startup accelerate its international expansion, product innovation, and omnichannel retail presence in Southeast Asia.
Pham Chi Nhu, CEO and Co-Founder of Coolmate, said: “From day one, we’ve been driven by a mission to build a responsible business that positively impacts not only its customers but also its employees and society. At Coolmate, we are highly committed to reducing our environmental footprint whilst providing durable, stylish and comfortable clothing for modern consumers. These have always been our core values from the beginning.”
“Coolmate represents the new generation of SEA’s homegrown D2C brands that leverages the region’s fast-expanding supply chain advantage, and Nhu represents the new generation of Vietnamese founders who are very connected to the local consumer’s mindset and also have a global ambition,” said Gen Ping Liu, Partner at Vertex Ventures Southeast Asia & India.
“The fast-growing middle-class consumer segment demonstrates a strong preference towards quality and customer service. They are ESG-conscious whilst also looking for affordability. Capitalising on this shift, Coolmate aligns strongly with this emerging consumer behaviour while effectively leveraging the strong local Vietnamese supply chain as a proudly “Made in Vietnam” Vietnamese brand,” it stated.
Vertex Ventures Southeast Asia and India partners with founders to create innovative, transformative, and scalable businesses. It has a long and strong track record of investing in early-stage startups and building champions like Grab, PatSnap, Nium, FirstCry, XPressBees, Licious, 17LIVE, and others.
VVSEAI supports its portfolio companies with unmatched operating experience and deep access to the capital, talent, partners, and customers they need to build truly global businesses.
VVSEAI is one of seven major funds in the Vertex Global Network, which includes Vertex Ventures Israel, Vertex Ventures China, Vertex Ventures US, Vertex Ventures Japan, Vertex Ventures HC, and Vertex Growth. These funds each focus on investments in their region and industry specialization. With the combined regional expertise and global reach, each team can leverage the Vertex Platform to get a broad view of innovation and share learning experiences across the world.
About Coolmate
Coolmate was founded with 3 shareholders: Nhu (CEO), Lan (CMO), and Hiep (CTO). The open office and warehouse in Ho Chi Minh City successfully raised $150,000 in seed funding from 500 startups.
Coolmate is a “handbook” and “code of conduct” for all Coolmate employees, regardless of who they are and what their position is. Coolmate considers building culture an important part of building a strong and sustainable business. The 10 things about Coolmate Culture are considered the “Coolmate code” that guides all behaviors and personalities of Coolmate people.
