Memebox, a Y Combinator startup that sells Korean beauty items in the U.S. and Asia, has raised $ 60 million. The cash is an extension of the firm’s Series C round which initially closed at $ 65.95 million in August.
The company mentioned the cash will go towards continuing its operations and growing its international footprint. Korea, its home industry, remains its biggest nation for sales, but the firm is growing its concentrate on China and, in specific, the U.S.. Founder and CEO Dino Ha lately relocated to San Francisco from Seoul.
The new funds requires Memebox to much more than $ 160 million in investor funds because it was founded in 2012. The round extension was put with each other by a range of existing and new backers, which consist of Goodwater Capital, Altos Ventures, Cowboy Ventures, Mousse Partners, Formation Group, Funders Club, Pear Ventures and Cota Capital. Janet Gurwitch, a partner with Castanea Partners and former CEO of cosmetics brand Laura Mercier, also invested and will turn into a member of Memebox’s advisory board.
Memebox began as a beauty box service, delivering a selection of cosmetics and products each month for a fixed charge, but as pioneers of business model such as Birchbox struggle, it evolved into a makeup and cosmetics shop. Thanks to the rise of K-Pop and Korean drama series, the firm has been able to surf a global wave of interest in Korea to expand its client base.
Today, Memebox sells its own brand items as nicely as these from third parties and market names. It operates physical shops in Korea, but is predominantly focused on on-line. Certainly, it claims that, worldwide, an average of 88 percent of purchases come by way of its mobile — that figure rises to 94 % for Asia-based customers. It mentioned its annual revenues are more than $ one hundred million, but it is not but profitable.