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Coolmate announced on September 5 that it has secured an additional $2.3 million for its Series A round backed by GSR Ventures and Do Ventures.

The additional funding was raised in a mix of primary and secondary deals, following the company’s $2 million Series A round, led by Access Ventures with the participation of Do Ventures, CyberAgent Capital, and DSG Consumer Partners in May.

Coolmate CEO Nhu Pham said, “We value GSR Ventures as a reputable investment firm with decades of experience in helping early startups to grow into unicorns. We were thrilled to extend our Series A for the opportunity to work with GSR Ventures to take Coolmate to the next stage of growth.”

“We are impressed by how Nhu Pham and the Coolmate team are leveraging technology to transform the traditional retail industry and delight consumers with high-quality yet affordable products,” said Allen Zhu, managing director at GSR Ventures. “We are excited to back Coolmate as our first investment in Vietnam and work with them to continue its explosive growth.”

Founded in early 2019, Coolmate employs the direct-to-customer e-commerce model to cut the distribution costs in traditional retail. Coolmate products are all Vietnamese-made clothing and accessories.

The business model allows Coolmate to connect with customers and listen to their needs to offer a seamless shopping experience.

The company has tripled its revenue over the past year and is on track to hit the $19 million revenue milestone in 2022. Coolmate aspires to set an example of a sustainable business that can bring real value to customers, employees, partners, and shareholders.

With the support from GSR Ventures and Do Ventures, Coolmate will accelerate the completion of the supply chain for its apparel product line, starting with new material sourcing and production technology, as well as setting up partnerships with larger and more diversified fabric, garment, and accessories suppliers.

As Vietnam’s e-commerce is expanding quickly and the country’s robust textile and garment industries are transforming through more consolidated value chains, Coolmate will utilise the new capital to achieve its 2022 sales target and plan for an IPO in 2025.