Singaporean health and wellness brand builder Evo Commerce has on Thursday announced the completion of its recent Pre-Series A funding round of $2 million, backed by GSR Ventures.

The funding round saw key investors including 33 Capital, Rainforest Chief Executive Officer and Co-Founder JJ Chai, Co-Founder of Wallex Hiro Kiga, Co-Founder of BrideStory Emile Etienne, and returning investor East Ventures, Evo Commerce said in a statement.

According to the statement, the fresh injection of funds will be channelled towards its global expansion plans, strengthening its e-commerce and online channels, and scaling its manufacturing and research and development (R&D) capabilities of new product categories. 

The round follows the company’s successful $600,000 seed funding round led by East Ventures in October 2022, with participating angel investors such as Founder of Carro Aaron Tan, Founder of ShopBack Joel Leong, Founder of Spenmo Mohandass Kalaichelvan, and Founder of Prism+ Jonathan Tan. 

“Evo Commerce will continue to double down on our efforts in bringing the best quality products at affordable prices to the market with improved customer experience,” said Roy Ang, Co-Founder and Chief Executive Officer of Evo Commerce.

“The new funds will serve to expand our R&D and manufacturing capabilities, broaden our range of health & wellness products, and scale our home-grown business globally,

“We hope to continue to grow ten times over in 2023 while maintaining our profitability with expectations to launch multiple products in the coming year,” he added.

Formerly known as Evolut Holdings, Evo Commerce is a direct-to-consumer (D2C) start-up that specialize in delivering high-quality, research-backed consumer products at affordable prices with over eight different products under its belt including its flagship product BounceBack, an anti-hangover solution, which is now available, operating in ten markets globally. 

Besides its anti-hangover products BounceBack and Hangly, the company also delivers all-natural anti-hair loss solutions under the brand MANTOU as well as beauty and hair care products under the Stryv brand. 

“The health and wellness sector has grown exponentially during the pandemic, with the market expected to reach $6.75 trillion by 2030. Evo Commerce’s research-backed products and customer-centric approach will help transform the health and wellness industry by catering to customers’ evolving needs,” said David Yin, Partner at GSR Ventures.

“As demonstrated by their strong growth and resilience during the pandemic, they are addressing consumers who want transparent, easy-to-understand products that are high-quality and readily accessible,” he added.

In 2022, the company saw a 12-fold increase in topline revenue and has raised $2.5 million to date, amping up its R&D, prototyping and testing, and brand building efforts. 

From its founding team of two, Evo Commerce is now 20 team members strong, serving over 20,000 customers across ten markets. 

“Since the early days, we have witnessed the agility of Roy and his team in catering to the different needs of customers in the health and wellness industry,

“We believe there is a big untapped opportunity in the space, and Evo Commerce is leading the way in revolutionising consumer access to the best quality products in the region,” said Devina Halim, Principal at East Ventures.

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