Start-up e-commerce service for men successfully raised capital at Shark Tank

The program of gameshow Silver billion deal (Shark Tank) season 4 has just officially opened. Right from the first episode, Shark Tank has attracted viewers with the appearance of a start-up with the desire to create an e-commerce empire for men.

Impressively appearing at Shark Tank season 4, Coolmate is the only tech start-up to air episode 1 of this year’s Silver Deal. This is a company specializing in providing shopping solutions for men with transactions done on e-commerce environment.

According to Pham Chi Nhu – Founder and CEO of Coolmate, the company was established in 2019. By 2020, the sales of Coolmate has increased 6 times thanks to the sale of basic products such as T-shirts, Men’s underwear and socks.

Coolmate is the only tech start-up present at episode 1 Shark Tank season 4.

Starting from a country with advantages in the textile and garment industry, so 100% of Coolmate’s products are made in Vietnam and distributed directly to consumers through e-commerce platforms.

Sharing at Shark Tank season 4, the founder of Coolmate said that since its inception, the company has sold more than 200,000 orders. Coolmate’s sales in 2020 are 39 billion dong. The company also has plans to expand to countries in Southeast Asia, as well as plans to IPO in 2025.

In addition, this startup also revealed, Coolmate’s profit fell to about 5.6 billion with a valuation of $ 6.25 million. Therefore, the Coolmate representative aired Shark Tank and conducted a capital call of 250,000 USD for the 4% stake of Coolmate.

Start-up e-commerce service for men successfully raised capital at Shark Tank
Pham Chi Nhu – Founder and CEO of Coolmate.

After listening to the startup’s presentation of the above information, Shark Binh – a shark specializing in technology of Shark Tank announced that he wanted to “close the single” immediately with twice the amount that the startup called for $ 500,000 but in exchange for. 25% stake.

This “shark” also promises to become the “east wind” blowing this start-up to Southeast Asia with the sales livestreamer system, e-commerce ecosystem and logistics network that NextTech owns. .

Responding to Shark Binh, Coolmate said that they have passed 2 fundraising rounds with the closest round valued at 4.5 million USD which started from November last year and will end this year. Besides, this year’s sales plan for Coolmate will fall to about 139 billion. So Coolmate offered $ 500,000 for a 10% stake. This proposal subsequently received no nod from the “shark” side.

Start-up e-commerce service for men successfully raised capital at Shark Tank
Start-up wants to create an e-commerce empire for men who successfully raised capital at Shark Tank season 4.

In the second proposal Shark Binh suggested an investment of USD 500,000 for 20% of the shares, of which 15% of shares and 5% of advisory shares (advisory shares) with specific commitments, calculated as 6 “ East wind “and NextTech’s digital economic ecosystem that this” shark “owns. However, the startup did not accept this offer and was adamant with the previous number on the grounds that it must be fair to previous investors.

“Coolmate has a commitment of $ 1 million by the end of this year at the company’s valuation of $ 9 million. That means if Shark enters right now, then wait for about 6.7 months, when we close the ring, the valuation is almost doubled. That means the proposed level today is completely reasonable ”, said founder Pham Chi Nhu.

After a show of haggling with the “shark”, the start-up finally closed the investment deal with $ 500,000 for 10% of the shares, plus 2.5% of consulting shares.

Trong Dat


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