(L-R) Evo Commerce Co-Founders Roy Ang (CEO) and Teoh Ming Hao (COO)
Evo Commerce, a direct-to-consumer health & beauty startup based in Singapore, has secured US$2.8 million in equity and debt financing.
Shanghai-based firm IJK Capital led the round, with participation from Carousell Co-Founder and CEO Quek Siu Rui, Fave Co-Founder Joel Neoh, and Tipsy Collective.
This comes about eight months after the D2C startup announced the completion of its pre-series A funding round of US$2 million from GSR Ventures, 33 Capital, Rainforest CEO and Co-Founder JJ Chai, Wallex Co-Founder Hiro Kiga, and BrideStory Co-Founder Emile Etienne.
The company will use the money for product development and market growth. The debt financing will be used for expanding its retail presence across Asia, including renowned retailers such as 7Eleven, Guardian, and Watsons.
Also Read: Evo Commerce, parent of D2C anti-hangover solution BounceBack, nets US$2M
Evo Commerce aims to reshape the landscape of health & beauty products in the region by bridging the accessibility gap and “empowering Asian consumers with top-quality products”. The company owns two brands: back (focusing on post-party recovery aids and daily supplements) and Stryv (specialising in the affordable luxury segment for personal care electronics).
The startup claims to have achieved 25x growth in the past 18 months. It aims to achieve EBITDA profitability within the next six months of operations.
The founders have plans to raise an additional US$1-2 million before closing the current round.
Roy Ang, Co-Founder and CEO of Evo Commerce, said: “We believe that the health and beauty category is significantly underserved in Southeast Asia markets. Our mission is to enhance the lives of Asians by solving accessibility issues for these products.”
In 2022, Evo Commerce secured US$600,000 in seed funding, led by East Ventures, with notable angel investors Aaron Tan from Carro, Joel Leong from ShopBack, Mohandass from Spenmo, and Jonathan Tan from Prism+.
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Image Credit: Evo Commerce
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