In a new funding round, Singapore-based omnichannel retailer Evo Commerce, which sells vitamins and personal hygiene items directly to customers, has raised US$2.1 million.
IJK Capital Partners, a Shnaghia-based investor, was the round’s lead investor. Reuben Lai (former MD of Grab Financial Group), Octave Wellbeing Economy Fund, Orvel Ventures, Straits Angels, Ascend Angels, and Chen Capital (Min-Liang Tan’s family office) were among the participants.
The money will be used by Evo Commerce to create new goods, increase retail touch points in key markets, and run A/B tests in order to enter new markets.
“This US$2.1 million investment will significantly enhance our capabilities in product innovation and market expansion. By ramping up R&D, boosting our retail footprint, and exploring new markets, we’re set to supercharge our growth and scale our business profitably over the next three years,” said CEO Roy Ang.
Evo Commerce was founded in January 2022 and specializes on producing high-quality, reasonably priced personal care and supplements for the next generation.
The company’s main offerings are Bback (formerly called Bounceback), a hangover cure, and Stryv, a high-end personal care electronics and cosmetics company.
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The firm claims that Stryv has experienced exponential growth and is currently offered in Malaysia, Hong Kong, and Singapore. Stryv operates a retail location in Kuala Lumpur as well as a flagship store in Singapore’s Suntec City.
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The startup says that in the last two years, its top line has grown by 300 percent a year.
September saw Evo Commerce obtain US$2.8 million in loan and equity investment from Tipsy Collective, Joel Neoh, co-founder of Fave, Quek Siu Rui, co-founder and CEO of Carousell, and IJK Capital. It had reported a few months prior that its US$2 million pre-series A investment round was complete.
About Evo Commerce
Evolut Commerce builds DTC brands of high-quality hair and vitamins. Their staff is in Singapore and Indonesia and operates in 10 markets.
