Shark Nguyen Hoa Binh, chairman of NextTech Group and Pham Chi Nhu, Coolmate’s CEO signed the investment co-operation. — Photo courtesy of NextTech

Shark Tank's Nguyen Hoa Binh, chairman of NextTech Group cum founder of Next100.vc fund has completed an investment of US$500,000 into coolmate.me – an online men's fashion shopping platform to help the Vietnamese startup quickly expand in Southeast Asia.

The investment was completed only two months after the deal was struck on Shark Tank season 4 - a reality show for start-up investors.

Pham Chi Nhu, Coolmate’s CEO said: “Completing a deal after only two months was a record in terms of startups. This has shown NextTech's goodwill and professionalism as well as the high level of commitment of the Coolmate team.”

Le Hanh, CEO of TVHub - Shark Tank Viet Nam’s producer, said that this has been the most successful and fastest deal in the show’s history.

Binh said: “With the direct-to-customer model and a clear development orientation, Coolmate has changed customers’ habits by providing a shopping solution for men. In addition, with the support from NextTech’s digital ecosystem, such as online payment servcie NganLuong.vn, and logistics platform, Boxme.asia, the investment will be a breakthrough for startups in Viet Nam and Southeast Asia.”

Established in February 2019, Coolmate.me has provided Made in Vietnam garment and textile products directly to consumers through e-commerce platforms. It has sold more than 200,000 orders with a revenue of VND39 billion in 2020 and expected VND139 billion in 2021.

The investment would help Coolmate further improve its human resource and management skills to ensure it reaches its set growth target and can complete its IPO in 2025.

With experience and a diverse digital ecosystem, the NextTech Group and Next100.vc fund will continue to build Vietnamese startups' ability to be competitive in the region. — VNS