Evo Commerce, parent company of D2C anti-hangover solution BounceBack, posts net income of $2 million

Roy Ang, co-founder and CEO of Evo Commerce

Singapore-based direct-to-consumer brand Evo Commerce has announced the closing of its $2 million pre-series A funding round.

GSR Ventures chaired this round, which also included 33 Capital, JJ Chai, CEO and co-founder of Rainforest, Hiro Kiga, co-founder of Wallex, and Emile Etienne, co-founder of BrideStory.

Returning investor East Ventures also joined.

The fresh funds will be used to expand globally and strengthen e-commerce and online channels, as well as to scale manufacturing and R&D capabilities for new product categories.

Evo Commerce secured $600,000 in seed funding in October 2022, led by East Ventures, with notable angel investors Carro’s Aaron Tan, ShopBack’s Joel Leong, Spenmo’s Mohandass and Prism+’s Jonathan Tan.

Evo Commerce, formerly known as Evolut Holdings, delivers research-backed consumer products at affordable prices, with over eight products on the market.

Its flagship product, BounceBack, is an anti-hangover solution that is now available and operating in ten markets worldwide. The company also supplies all-natural hair loss solutions under MANTOU and beauty and hair care products under the Stryv brand.Evo Commerce, parent company of D2C anti-hangover solution BounceBack, posts net income of  million

“Evo Commerce will continue to redouble our efforts to bring the best quality products to market at affordable prices with an enhanced customer experience. We hope to continue to grow 10x in 2023 while maintaining our profitability with the expectation of launching multiple products in the coming year,” said Roy Ang, co-founder and CEO of Evo Commerce.

The startup claims to serve over 20,000 customers across ten markets.

“Since the early days, we have witnessed the agility of Roy and his team in meeting the varied needs of clients in the health and wellness industry. We believe there is a major untapped opportunity in this space and Evo Commerce is at the forefront of revolutionizing consumer access to the best quality products in the region,” said Devina Halim, Director at East Ventures

In 2022, the company saw revenue increase 12x and has raised $2.5 million to date, increasing its efforts in R&D, prototyping and testing, and brand building.

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Photo credit: EvoCommerce

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