D2C Startup “Evo Commerce” Closes 31 Billion Rupiah Pre-Series A Funding

Startups direct-to-consumer (D2C) Singapore-based Evo Commerce announced it has completed a pre-series A funding round of $2 million (over 31,2 billion Rupiah). This round was led by GSR Ventures, followed by other key investors, including 33 Capital, JJ Chai (Rainforest), Hiro Kiga (Wallex), Emile Etienne (BrideStory), and the investor in the previous round, East Ventures.

The fresh funds will later be used to execute global expansion plans, strengthen the line E-commerce and canals courses as well as enhancing the manufacturing and R&D capabilities of new product categories.

This latest round is a continuation of the company's success in early round raised for $600K led by East Ventures in October 2022. At that time, a number angel investors startup officials also participated, one of whom was Aaron Tan (Carro).

In an official statement submitted by the company today (05/1), GSR Ventures Partner David Yin said that the health and wellness sector has grown exponentially during the pandemic. It is predicted that its value will reach $ 675 trillion in 2030.

According to him, research-supported products, such as this one by Evo Commerce, will help transform the health and wellness industry by meeting the evolving needs of customers.

"As demonstrated by their strong growth and resilience during the pandemic, they address consumers who want products that are transparent, easy to understand, high quality and easy to access," said Yin.

Development of Evo Commerce

Before using the Evo Commerce brand, this startup was known as Evolut Holdings, a D2C company that focuses on providing quality products supported by research for consumers. Evo Commerce sells health, beauty and fitness products.

The company works with quality factories that produce for big brands, and sells the products directly to the end consumers at a reduced cost. Currently there are more than eight products that have been sold, one of the mainstays is Bounceback, an anti-bulk solution hangover which is now available in 10 markets globally. In addition, there are the MANTOU brands, which are natural anti-hair loss solutions, and Stryv, which are beauty and hair care products.

Evo Commerce Co-founder & CEO Roy Ang said, the company will continue to increase its efforts in bringing the best quality products at affordable prices to the market with an increasingly better customer experience. These fresh funds will be used to expand R&D and manufacturing capabilities, expand the range of health and wellness products, and scale local businesses to the global scene.

"We expect to continue to grow by 10 times in 2023, and at the same time maintain profitability with the expectation to launch several products in the coming year," he added.

Claimed last year, the company recorded an increase in revenue topline by 12 times and has raised $2,5 million in external funding to date. Founded by two people, now Evo Commerce has 20 employees who are able to serve more than 20 thousand customers in 10 global markets.