Coolmate.me is known to many people as one of the startups kickstarting for Shark Tank Vietnam season 4, and also reaching an agreement to contribute capital from Shark Binh with $500,000 in exchange for a 10% share of 2.5 % advisory shares. Recently, the startup Coolmate.me continues to announce that it has successfully raised capital from the venture capital fund STIC Investments. More specifically, Co-Founder of Coolmate.me and CEO Pham Chi Nhu said that STIC had poured $500,000 in the Pre-series A round, in exchange for 10% of the shares, which means that this startup is being valued at 5 million USD post-money. This deal has been discussed since November last year (i.e. before the broadcast of Shark Tank), was also mentioned by him when he presented to the “sharks”, but until now, the funding round has officially ended. STIC Investments manages nearly $1.4 billion in capital and has invested in more than 450 companies in Asia. It is also an early investor of Tiki, Grab, Jo2Yoy. Most recently, in May 2021, STIC invested $2 million in EcoTruck, a logistics startup. The South Korean-based investment firm has a strong presence in Vietnam’s private equity space, and is scouting for more venture deals to tap into the country’s fast-growing startup ecosystem.
The CEO of Coolmate.me plans to use the $500,000 just raised from the STIC Investment Fund this time to focus on four main goals. Firstly, Coolmate.me wants to expand its product portfolio, focusing on materials to bring a different experience to customers. Not only selling basic items such as t-shirts, socks, underwear, this startup will soon offer other products for men such as jeans, shirts, casual pants or sportswear. The second is to invest in developing a technology system for Coolmate.me’s own e-commerce platform. Third, developing the business segment according to the Subscription and POD model, in which, the Subscription model has been implemented by Coolmate.me by providing periodic fashion boxes (Cool Sub) to customers. In the first three months of testing, this startup recorded 1,000 activities and aims to reach 5,000 by the end of 2021. Finally, the company will invest in the team recruitment for more good people and develop the existing human resources.
Coolmate.me was founded in 2019, and since 2020, the company’s sales have increased six times thanks to the sale of basic products such as t-shirts, underwear and socks for men. Meanwhile, Co-Founder Pham Chi Nhu is an alumnus of Foreign Trade University, who used to work in auditing at Deloitte Vietnam and also opened a fashion brand before co-founding Coolmate.me. Before participating in Shark Tank Vietnam season four, Coolmate.me was already a familiar face in competitions for startups in Vietnam. Typically, this company once entered the Top 10 of Startup Wheel 2020. After airing Shark Tank Vietnam season four, the startup said it had received a positive effect from the audience and recorded a sudden growth in revenue. Before STIC invested, in early 2020, Coolmate.me completed a Seed Round from 500 Startups Vietnam, a venture capital fund from Silicon Valley. Coolmate.me’s representative said that at the time of completing this round of funding, the company’s sales exceeded the results of the whole year last year and maintained a growth rate of 15-20%/month. This startup expects to maintain its growth momentum for its IPO target in 2025.
Sources of information include Dealstreet Asia and Doanhnghieptiepthi.