Evo Commerce, a burgeoning e-commerce house of brands in Southeast Asia, has announced the successful completion of a $2.1 million investment round.
This round was spearheaded by IJK Capital Partners from Shanghai, with participation from notable investors including Chen Capital, Reuben Lai (ex-Managing Director of the Grab Financial Group), Octave Wellbeing Economy Fund, Orvel Ventures, Straits Angels, and Ascend Angels.
The funds will be strategically directed towards the development of new products, expanding retail touchpoints in key markets, and conducting A/B testing for new market expansions.
The company plans to leverage this investment to bolster its research and development, enhance its retail presence, and explore new markets.
Evo Commerce, established in January 2022, manages flagship brands such as Bback, a hangover relief solution, and Stryv, a provider of personal care electronics and beauty products.
Bback, formerly known as Bounceback, has gained significant traction across multiple regional markets, while Stryv has expanded its reach to Singapore, Hong Kong, and Malaysia.
The company has marked several milestones, including the opening of Stryv’s first flagship store at Suntec City in Singapore and its initial retail store in Kuala Lumpur.
“It’s exciting to embark on this new chapter of growth with the support of our investors. This $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. This investment marks a pivotal step in our journey, and we are eager to continue delivering exceptional products and services to customers across our core markets in the region,” said Roy Ang, CEO of Evo Commerce.
Evo Commerce is committed to leveraging a digital-first approach to engage and delight customers, aiming to make a global impact by offering premium yet affordable supplements and personal care products.
The company’s collaboration with globally established manufacturers positions it to bring wellness and vitality to new customers around the world.
Business News Asia