Roy Ang, Co-Founder and CEO of Evo Commerce
Singapore-based direct-to-consumer brand Evo Commerce has announced the completion of its pre-series A funding round of US$2 million.
GSR Ventures led this round which also saw participation from 33 Capital, Rainforest CEO and Co-Founder JJ Chai, Wallex Co-Founder Hiro Kiga, and BrideStory Co-Founder Emile Etienne.
Returning investor East Ventures also joined.
The fresh funds will be used for global expansion and strengthening its e-commerce and online channels, besides scaling its manufacturing and R&D capabilities of new product categories.
Evo Commerce secured US$600,000 in seed funding in October 2022, led by East Ventures, with notable angel investors Aaron Tan from Carro, Joel Leong from ShopBack, Mohandass from Spenmo, and Jonathan Tan from Prism+.
Formerly known as Evolut Holdings, Evo Commerce delivers research-backed consumer products at affordable prices, with over eight products under its belt.
Its flagship product, BounceBack, is an anti-hangover solution now available and operating in ten markets globally. The company also delivers all-natural anti-hair loss solutions under MANTOU and beauty and hair care products under the Stryv brand.
“Evo Commerce will continue to double down on our efforts in bringing the best quality products at affordable prices to the market with improved customer experience. We hope to continue to grow ten times over in 2023 while maintaining our profitability with expectations to launch multiple products in the coming year,” said Roy Ang, Co-Founder and CEO of Evo Commerce.
The startup claims it serves over 20,000 customers across ten markets.
“Since the early days, we have witnessed the agility of Roy and his team in catering to the different needs of customers in the health and wellness industry. We believe there is a big untapped opportunity in the space, and Evo Commerce is leading the way in revolutionising consumer access to the best quality products in the region,” said Devina Halim, Principal at East Ventures
In 2022, the company saw a 12-fold increase in topline revenue and has raised US$2.5 million to date, amping up its R&D, prototyping and testing, and brand-building efforts.
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Image credit: Evo Commerce
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