In a fast-growing economy like Vietnam’s, fashion startups are often overlooked. But Coolmate flipped that narrative. Launched in 2019 with a single goal to make shopping for men’s clothing easier, the brand has become one of the region’s most promising D2C (direct to consumer) companies.
They didn’t just build a brand; they built a movement: local, eco-conscious, tech-enabled, and proudly Vietnamese. Coolmate hit the spotlight after a viral pitch on Shark Tank Vietnam Season 4, where they closed a deal in record time. Today, they’re backed by major international investors and are chasing a bold target of $500 million in revenue by 2030.
The Founding Vision: Fixing Vietnam’s Men’s Fashion Problem
Coolmate began when Pham Chi Nhu, a former Deloitte auditor, recognized how frustrating it was to buy men’s basics like T-shirts and underwear. Traditional stores were either overpriced or offered poor quality, and online shopping was untrustworthy and inconsistent.
He joined forces with Hiep Nguyen, a tech expert, and Xuan Lan Nguyen Hoai, a marketing professional. Together, they envisioned a company that made things simple — affordable, high-quality essentials, delivered directly to your doorstep. They adopted the D2C model early, which gave them control over design, pricing, and quality, eliminated middlemen, and created a direct line of communication with customers to quickly implement feedback.
Coolmate’s first batch of products sold out in weeks. This early traction gave them confidence to scale fast while staying true to their core mission: building a brand that Vietnamese men could count on.
The Shark Tank Moment That Changed Everything
In 2021, Coolmate appeared on Shark Tank Vietnam Season 4 with a bold and clear pitch. They weren’t just selling clothing — they were introducing a national brand created by and for Vietnamese men.
Within minutes, Shark Nguyễn Hòa Bình offered $500,000 for 12.5% equity — one of the fastest offers in the show’s history. He immediately transferred a deposit via mobile banking, astonishing the audience and fellow investors alike.
After the episode aired, Shark Bình integrated Coolmate into his NextTech ecosystem, which includes companies like Boxme for logistics and NganLuong for payments. The partnership also brought media attention, brand credibility, and access to a wider network of investors and mentors. This moment didn’t just elevate their profile — it helped establish the foundation for long-term growth.
Funding Journey: From Seed to Series B
Coolmate’s momentum didn’t stop with Shark Tank. They continued to raise capital across several rounds:
| Date | Round | Amount | Investors |
|---|---|---|---|
| Mar 2020 | Seed | $150K | 500 Startups Vietnam |
| Jun 2021 | Seed | $500K | STIC Investments |
| Mar 2022 | Pre-A | $1.1M | VIC Partners |
| May 2022 | Series A | $2M | Access Ventures, Do Ventures |
| Sep 2022 | Series A+ | $2.3M | GSR Ventures |
| Oct 2024 | Series B | $6M | Vertex Ventures, Kairous Capital |
These investments reflect growing confidence in Vietnam’s startup ecosystem. For Coolmate, each round unlocked new milestones such as:
- Expanding their product line
- Hiring key team members
- Investing in tech and manufacturing
- Preparing for overseas markets
With $10.8 million in total funding, Coolmate is now backed by some of Southeast Asia’s top venture firms.
Revenue Growth and Profit Milestones
Let’s talk numbers. Coolmate’s revenue growth has been nothing short of impressive:
- 2019: $0.62M
- 2020: $1.6M
- 2021: $5.7M
- 2022: $11.5M
- 2023: $14M
- 2024 projected: $23M
In 2023, they reported a profit of $141,000, which is a rare achievement among young startups.
But there were challenges too. By the end of 2023, Coolmate’s cash reserves dropped to $52,000, raising concerns about burn rate and sustainability. The $6M Series B in 2024 helped stabilize their finances and gave them room to hit their $45M goal for 2025.
Product Innovation and Customer Experience
Coolmate is not just about selling T-shirts. It’s about creating smart, useful fashion backed by tech and innovation.
Their core products now include:
- T-shirts, boxers, and socks
- Sportswear and casual pants
- Recycled outerwear and accessories
- Face masks and hats
They’ve added smart fabrics such as:
- Excool for heat reduction
- Anti-smell and HeiQ Viroblock for hygiene
- CleanDye technology to reduce water usage
Coolmate also focuses heavily on customer satisfaction through:
- AI-powered size recommendations
- 60-day free returns, even on worn items
- Personalized packaging and loyalty programs
Most reviews are positive, but some customers report issues with sizing and durability. Coolmate has acknowledged these concerns and is working to improve consistency.
Sustainability at the Core
Coolmate doesn’t treat sustainability as an afterthought. It’s a core principle embedded in their business model.
They use CleanDye technology, which eliminates water usage in the dyeing process, and source materials that are organic or recycled. All of their products are manufactured in Vietnam, which reduces supply chain emissions and supports the local workforce. Their factories are vetted for labor standards, and they’ve also launched a recycling program that encourages customers to return used garments.
Looking ahead, they’ve set goals to minimize packaging waste and transition their factories to renewable energy sources by 2026.
Expansion Plans: SEA and U.S. in Sight
With new capital in hand, Coolmate is setting its sights beyond Vietnam. They plan to launch in the Philippines in late 2024 and are preparing a pilot rollout in the U.S. by 2025. Their strategy includes setting up local warehouses to cut down shipping time and costs, and tailoring product offerings to match regional preferences.
They’re also expanding their catalog. In March 2025, they launched women’s sportswear, and by 2026 they aim to introduce kidswear and footwear.
By 2030, Coolmate hopes to hit $500 million in total revenue, with 40% coming from new categories like women’s and children’s clothing, and 30% from international markets.
Challenges and Competitive Threats
Coolmate’s path forward isn’t without hurdles. They’re entering a crowded market where global giants like Shein and Temu are actively expanding in Southeast Asia.
Internally, they must manage scaling operations without losing quality control. Their supply chain must remain flexible, customer service has to scale smoothly, and they need to maintain trust while continuing to grow.
Cash flow management, especially with increasing manufacturing demands, is another challenge. Yet, their focus on transparency, sustainability, and cultural relevance could be key to keeping their edge in a competitive landscape.
Conclusion: Can Coolmate Become Vietnam’s First D2C Unicorn?
Coolmate began with a simple mission: make high-quality, comfortable clothing for Vietnamese men. Today, it stands as one of Vietnam’s fastest-growing startups, with a growing fan base and real momentum.
Their journey shows how a strong mission, combined with smart execution, can challenge even global competitors. From a record-breaking Shark Tank deal to a presence in international markets, they’ve proven what’s possible for startups in emerging economies.
If they continue to balance innovation, sustainability, and smart scaling, Coolmate could very well become Vietnam’s first D2C unicorn — and an inspiration to local brands across Southeast Asia.
TL;DR – Too Long; Didn’t Read
Coolmate went from a small Vietnamese startup to a multi-million dollar D2C fashion brand after a record-fast Shark Tank deal. With smart product innovation, sustainable practices, and major funding rounds, they’re aiming to become Vietnam’s first global fashion unicorn by 2030.
FAQs
Is Coolmate still in business in 2025?
Yes, Coolmate is actively expanding in Southeast Asia and preparing for a U.S. launch. It remains one of Vietnam’s fastest-growing D2C brands.
Did Coolmate get a deal on Shark Tank Vietnam?
Yes, Coolmate secured a $500,000 investment for 12.5% equity from Shark Nguyễn Hòa Bình in one of the fastest deals in the show’s history.
Who is the founder of Coolmate?
Coolmate was founded by Pham Chi Nhu in 2019, alongside co-founders Hiep Nguyen and Xuan Lan Nguyen Hoai.
What is Coolmate’s net worth in 2025?
Coolmate’s estimated net worth is over $40 million based on its 2024 Series B valuation and projected revenue growth.
How much revenue does Coolmate make?
Coolmate earned $14 million in revenue in 2023 and is projected to make $23 million in 2024, aiming for $45 million in 2025.
Where can I buy Coolmate products?
You can buy Coolmate clothing and accessories directly from their official website at coolmate.me.
Is Coolmate planning international expansion?
Yes, Coolmate plans to launch in the Philippines in late 2024 and is preparing a pilot entry into the U.S. market by 2025.