1. Startups

East Ventures Leads Initial Funding for Singapore-based D2C Startup “Evo”

Funds will be used to double the R&D budget for new product categories, exploration of new distribution channels in the D2C sector

Startups direct-to-consumer (D2C) Evo announced that it has completed a $600 thousand (worth 8,9 billion Rupiah) seed funding round led by East Ventures. Amount angel investors from startup officials, such as Aaron Tan (Carro), Joel Leong (ShopBack), Mohandass (Spenmo), and Jonathan Tan (Prism+) participated in this round.

This round also adds to the ranks of investors who have supported Evo since its establishment. They are Bonjour Holding, SparkLab Ventures, Paragon Capital, Farquhar Ventures, and super angels which includes the founders and management teams of various well-known startups.

The funds raised will be used by the company to expand the Evo product offering and double the budget for the R&D of new product categories to explore new distribution channels in the D2C sector.

“We believe that Covid-19 has accelerated buying patterns E-commerce drastically global. We want to be a new generation digital native brands serving customers in the health and wellness category, with brand and better product content, as well as more affordable prices by eliminating middlemen," said Evo's Co-founder and CEO Roy Ang in an official statement, Wednesday (3/8).

Evo founded in 2020 by Roy Ang (CEO) and Teoh Ming Hao (COO). Both were part of the initial team members Grab Financial Group, which builds GrabPay and other payment products regionally. Before joining in decacorn these two, they both hold management positions at media startups online e27 and Tech in Asia.

“We have seen Evo's prowess and agility in meeting the evolving needs of customers in the health and beauty sector. We believe that this funding will help Evo to expand its presence in the regional market and provide the best products that meet customer needs,” added East Ventures Principal Devina Halim.

Evo Products

Evo positioned itself as house of brands which focuses on health and beauty products. The company manufactures high-quality hair care and supplement products made from the same factories as major global brands.

The Evo has more than eight different products, including its flagship product, BounceBack, a liver care supplement and anti-symptom hangover. It is claimed that this superior product is favored by many workers from various experiences thanks to its high level of efficacy against symptoms hangover after getting drunk.

In addition to its flagship product, Bounceback, the Evo team also offers Mantou, an anti-hair loss product, and launches another supplement category to treat insomnia, hair health, and immunity through the Stryv brand.

Switch from live commerce software to D2C, Evo has recorded 700% growth in the last five months and now operates in 10 markets globally. Evo broke even in June this year, and aims to hit 8-figure annual revenue by the end of the year. In addition, Evo wants to raise an additional $500 in funding in the third quarter of this year.

It is further explained that thanks to the D2C concept adopted, Evo consumers can buy directly through the storefront digital native, without having to go through distributors, wholesalers, and retailers. With the trading process and information dissemination more efficient, the implication for the end customer is an increase in product quality and a drastic decrease in the price of goods.

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“We want to be the catalyst for this paradigm shift in the health and beauty industry,” said Ang.

He also said that the company currently operates in 10 markets and team members are spread across Singapore, Indonesia, and Korea.

In Indonesia, currently D2C startups with the concept of brand aggregators already present include Una Brands, hyperfast, Tjufoo, OpenLabsand USS Networks. Each has also received funding support from a VC.

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