Korean fund once poured capital for Tiki to invest in a startup ‘men’s wardrobe’

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STIC – a fund from Korea, poured $500,000 in the Pre-series A round, in exchange for a 10% stake in Coolmate. Coolmate said it will use the $500,000 just raised from STIC for 4 main goals.

Coolmate CEO Pham Chi Nhu.

In an announcement on June 10, Coolmate said that STIC – a fund from Korea, poured $ 500,000 in the Pre-series A round, in exchange for a 10% stake in Coolmate. This means that this startup is being valued at $ 5 million.

Founded in February 2019, Coolmate is a startup that provides apparel products made in Vietnam and sold to end consumers.

Coolmate said that it will use the newly raised USD 500,000 from STIC for 4 main goals: ¬†expand product portfolio, focus on materials to bring different experiences to customers; invest in developing technology system for Coolmate’s own e-commerce platform; invest in people to improve team capacity; expand the business to a new model of subscription revenue and print on demand.

This startup recorded a revenue of VND 39 billion in 2020 and plans to reach VND 139 billion this year. In early 2020, Coolmate also received the first investment from 500 Startups Vietnam – a venture capital fund from Silicon Valley.

STIC Investment is an investment fund based in Korea that manages nearly $1.4 billion in capital and has invested in more than 450 companies in Asia. This is also an early investor of Tiki, Grab, Jo2Yoy. Most recently, in May, STIC invested $2 million in EcoTruck, a logistics startup.

Source: ndh.vn – Translated by fintel.vn