- Funds will likely be channeled in the direction of increasing product choices, R&D
- Carro, Shopback, Prism+ and Spenmo participated on this spherical
Direct-to-consumer startup Evo has introduced the completion of its US$600,000 seed funding spherical led by East Ventures, with notable angel buyers Aaron Tan from Carro, Joel Leong from ShopBack, Mohandass from Spenmo, and Jonathan Tan from Prism+, taking part on this spherical.
In a press release, the Singapore-based startup stated the funds raised will likely be channeled in the direction of increasing the model’s product choices and doubling down on analysis and growth of recent product classes to discover new distribution channels within the DTC sector.
Based in 2020 by former Seize Executives Roy Ang (pic), who’s the co-founder and chief government workplace (CEO) and Teoh Ming Hao, who’s the co-founder and chief working officer, the startup is a DTC well being and wellness agency that gives high quality dietary supplements and hair merchandise.
The model has over eight totally different merchandise to its title, together with its flagship product BounceBack, a livercare and anti-hangover complement.
Pivoting from dwell commerce software program to DTC, the corporate claims to have seen 700% progress within the final 5 months and is now working in ten markets globally.
Ang stated he believes that Covid-19 has drastically sped up e-commerce buy patterns globally.
“We purpose to be the brand new age digital native model that serves prospects throughout the well being and wellness class, with higher branding, higher product content material and reasonably priced pricing by eradicating the intermediary within the combine,” he stated.
In addition to its flagship product Bounceback, the corporate stated it additionally runs their anti-hair loss model mantou and they’re additionally launching different complement classes to sort out sleep, hair well being and immunity dietary supplements below the stryv model.
Evo’s co-founders had been a part of the early workforce members inside Seize Monetary Group, the place they constructed GrabPay and different cost merchandise regionally, the corporate stated.
Previous to becoming a member of Seize, Ang and Teoh each held administration positions inside e27 and Tech in Asia.
The corporate claimed that it broke even in June this yr, and is aiming to hit eight digit annualised income by the top of the yr.
It is usually seeking to increase one other US$500,000 (RM2.2 million) in Q3 of 2022.
Devina Halim, principal at East Ventures stated “We’ve witnessed Evo’s adeptness and stealth in adapting to the evolving prospects’ wants throughout the well being and sweetness sector.
“We imagine that the funding will assist Evo to additional broaden their presence regionally and proceed to supply the perfect merchandise that cater to prospects’ wants.”
East Ventures is among the first and largest multi stage enterprise capital companies in Southeast Asia, with notable investments in a number of unicorns like Tokopedia, Traveloka, Carro, Xendit, Shopback, Mercari, amongst others.
