The Evo Commerce team
Singapore-based Evo Commerce, an omnichannel retailer offering supplements and personal care products directly to consumers, has raised US$2.1 million in a fresh investment round.
Existing investor Shanghai-based IJK Capital Partners led the round.
Chen Capital (Min-Liang Tan’s family office), Reuben Lai (former MD of the Grab Financial Group), Octave Wellbeing Economy Fund, Orvel Ventures, Straits Angels, and Ascend Angels participated.
Also Read: Evo Commerce banks US$2.8M more for product development, Asia expansion
Evo Commerce will use the funds to develop new products, expand retail touch points in core markets, and conduct A/B testing for new market expansion.
“This US$2.1 million investment will significantly enhance our capabilities in product innovation and market expansion. By ramping up R&D, boosting our retail footprint, and exploring new markets, we’re set to supercharge our growth and scale our business profitably over the next three years,” said CEO Roy Ang.
Started in January 2022, Evo Commerce builds premium yet affordable supplements and personal care products for emerging generations. Its flagship products are Bback (formerly known as Bounceback), a hangover relief solution, and Stryv, which specialises in quality personal care electronics and beauty products.
According to the startup, Stryv has seen exponential growth and is now available in Singapore, Hong Kong and Malaysia.
Stryv runs a flagship store at Suntec City in Singapore and a retail store in Kuala Lumpur.
The startup claims its topline has increased by 300 per cent annually over the past two years.
In September, Evo Commerce secured US$2.8 million in equity and debt financing from IJK Capital; Quek Siu Rui, co-founder and CEO of Carousell; Joel Neoh, co-founder of Fave; and Tipsy Collective. A few months earlier, it announced the completion of its pre-series A funding round of US$2 million.
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Image Credit: Evo Commerce
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