- Funds will be channeled towards expanding product offerings, R& D
- Carro, Shopback, Prism+ and Spenmo participated in this round
Direct-to-consumer startup Evo offers announced the completing its US$600, 000 seed funding round led by East Ventures, with significant angel investors Aaron Tan from Carro, Joel Leong through ShopBack, Mohandass from Spenmo, and Jonathan Tan from Prism+, participating in this circular.
In a statement, the Singapore-based startup stated the funds raised will be channeled toward expanding the brand’s product offerings and doubling down on research and development of new product categories to explore new submission channels in the DTC sector.
Founded in 2020 by former Grab Executives Roy Ang (pic) , who is the co-founder and chief executive workplace (CEO) and Teoh Ming Hao, who will be the co-founder plus chief operating officer, the startup is a DTC health and wellness company that offers quality health supplements and hair items.
The brand provides over eight different products to the name, including its flagship product BounceBack, a livercare and anti-hangover supplement.
Pivoting from live business software to DTC, the company claims to have experienced 700% growth within the last five months and it is now operating in ten markets internationally.
Ang said he believes that Covid-19 has drastically sped up e-commerce purchase patterns internationally.
“We aim to be the new age digital native brand that serves customers within the health and fitness category, with better branding, better product content and affordable pricing by getting rid of the middleman within the mix, ” he or she said.
Besides its flagship product Bounceback, the organization said it also operates their anti-hair loss brand mantou plus they are also launching some other supplement categories in order to tackle sleep, locks health and immunity health supplements under the stryv brand.
Evo’s co-founders were part of the early team members within Grab Financial Group, where they constructed GrabPay and other transaction products regionally, the business said.
Prior to joining Get, Ang and Teoh both held administration positions within e27 and Tech in Asia.
The company claimed that it broke even in 06 this year, and is aiming to hit eight number annualised revenue right at the end of the year.
Additionally it is looking to raise an additional US$500, 000 (RM2. 2 million) within Q3 of 2022.
Devina Halim, principal at East Ventures said “We have observed Evo’s adeptness and stealth in changing to the evolving customers’ needs within the health and beauty sector.
“We believe that the funding can help Evo to further expand their presence regionally and continue to give the best products that will cater to customers’ requirements. ”
East Ventures is one of the first and largest multi stage venture capital firms in Southeast Asia, with notable investments in several unicorns like Tokopedia, Traveloka, Carro, Xendit, Shopback, Mercari, amongst others.