On the internet Korean beauty retailer Memebox raises $60M much more to sharpen its focus on the U.S.

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.


Tech can reshape the U.S. Peace Corps and bridge political divides

Earlier this week, President-elect Trump met with some of the best leaders of American tech organizations. Some of these leaders are attempting to uncover typical ground soon after becoming on the receiving end of some of his sharp-worded tweets.

Like many of my buddies in the tech neighborhood, I’m faced with the reality of a Trump presidency and browsing for a way to honor the calls of President Obama and Secretary Clinton for national unity and a chance for the president-elect to lead.

My struggle comes from seeking for frequent ground with a president-elect whose policy objectives I largely do not help but recognizing from my time operating in the Obama White Property just how ineffective obstructionist politics can be for Americans who rely on a functioning federal government.

As we seek to unite a divided country, one particular unconventional area exactly where we may well uncover frequent ground, and uncover a hidden opportunity for the tech neighborhood, is updating a historic government agency — the U.S. Peace Corps.

Shocked? Let me explain…

In December 2013, President Barack Obama was preparing to meet with a group of U.S. tech leaders at the White House. I was the senior advisor for mobile and data innovation at the White Residence, and I asked Reed Hastings, the chief executive officer of Netflix — and, like myself, a Returned Peace Corps Volunteer — if he would like to join me for breakfast with the director of Peace Corps, Carrie Hessler-Radelet.

Reed enthusiastically replied, “Yes!”

Carrie and I met with Reed the morning prior to his meeting with the President, and then I walked him to the West Wing. Reed seemed to relish his discussion with the President, jokingly supplying the President a cameo in House of Cards. But I didn’t think a lot else of Reed’s pay a visit to until I saw media reports the following day. To everyone’s amusement, Reed considered the highlight of his day to be his breakfast with the director of the Peace Corps, exactly where they discussed how the agency had been influenced and changed by technology.

Reed’s conversation with Carrie at breakfast that morning sparked two new questions:

  • As the length of time a new tech startup goes abroad has been condensed from four-5 years to 12-18 months — could not too long ago returned Peace Corps volunteers provide the boost Silicon Valley requirements to develop firms successfully and responsibly in the most remote parts of the globe?
  • Prior to the finish of the subsequent president’s initial term, it’s estimated that there will be 99 percent cell phone adoption worldwide — and 1 billion sensible telephone customers. How ought to the Peace Corps staff up, train up and partner up to far better leverage and teach tech in the most remote regions of the world?
Photo courtesy of Flickr/National Museum of American History

Photo courtesy of Flickr/National Museum of American History

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Peace Corps’ got Entrepreneurial Talent

Every single year more than three,500 Americans finish their Peace Corps service, mainly in rural regions in much more than 60 countries. The Peace Corps has extended acted as the last mile of international improvement, but it could also turn out to be the last mile of crucial tech education. It has an unrivaled footprint of volunteers canvassing the planet — they are ambassadors of culture, teachers of water-saving agricultural tactics and emerging leaders in their own correct. They’re developing deep, meaningful relationships with nearby communities.

Historically, federal agencies, non-profits and non-governmental help organizations have heavily recruited this wealthy talent pool of international encounter and resilience. One of the several good side effects of the tech neighborhood working closely with the Peace Corps is also tapping into this rich talent pool of Returned Peace Corps Volunteers. These resilient Americans can supply the increase tech businesses needs to grow organizations successfully and responsibly in the most remote components of the globe.

As an example, more than thirteen years ago I served as a organization and technologies volunteer in Nicaragua. Based on the challenges my neighbors and I faced in producing calls to the United States, I co-founded a small phone organization in 2005. We erected 80-foot net towers in rural villages to allow Nicaraguans to contact the United States and other countries at a tenth of the value charged by established carriers. Eventually our organization, Llamadas Heladas, became 1 of the biggest phone businesses in Nicaragua.

I am not alone. Other Peace Corps Volunteers have also gone on to commence much a lot more successful tech companies, which includes Reed — who served as a higher school math teacher in Swaziland — and Amy Pressman, who served in Honduras ahead of co-founding her billion-dollar tech startup, Medallia. And it’s not just tech startups, Knight Foundation, with much more than two billion dollars in assets to assistance, amongst other things, the improvement of civic tech, is run by Alberto Ibargüen, who served in Venezuela.

Building a Digital Peace Corps

President-elect Trump ought to pick a Peace Corps director with technology in his or her DNA. Critically, the next director wants to make technologies a priority in each and every facet of the organization, from staffing and coaching to the partnerships it builds. 

Why? Excellent, tech-powered, organization concepts can come from anyplace. Take Lyft, for example, a billion-dollar Silicon Valley organization modeled soon after the effective ride-pooling in Zimbabwe. Or take into account Ushahidi, a popular crowd-mapping tool utilised throughout domestic disasters — designed in Nairobi.

Facebook powers much more than a billion people’s social media identities but the Government of India built the world’s biggest biometric identity technique for more than 1.2 billion individuals in a fraction of the time. One particular of the most successful mobile income businesses, M-pesa, was not founded in America, but in Kenya. Analog versions of Deliveroo, Postmates and Munchery had been implemented decades ago in nations such as India and Nicaragua.

In the end, by bringing the Peace Corps into the 21st century, we can empower communities across the globe to take benefit of emerging technologies that can positively effect their lives.


Digital Peace Corps (beta)

Peace Corps Director Hessler-Radelet has created dramatic improvements at the agency, which includes considerable structural alterations that make it less difficult to apply to serve as a volunteer — minimizing the application process from many days to less than an hour. The Peace Corps has also expanded its digital footprint and enhanced its outreach, recruiting and marketing, resulting in a one hundred percent boost in applications more than the last two years.

The agency’s Director of Innovation, Patrick Choquette, has formed strategic partnerships with software program firms, such as Duolingo, a language training application organization. The Peace Corps has also been leveraging regional information to crowdsource invaluable geographic data that can be extremely helpful in the wake of disasters.

Constructing on these successes, the next director has the chance to make the Peace Corps an essential player in spreading the advantages of emerging technologies — enabling this historic agency to have as significantly effect in the 21st century as it had in the 20th. The wave of technologies alter is only growing. Regardless of whether it lifts or additional isolates several components of the globe is getting decided now.

The subsequent Peace Corps director could support shape this future in the following ways:

Staff Up

  • Establish a Tech Corps – Similar to the Obama Administration’s recruitment of tech talent right after the Healthcare.gov meltdown, the Peace Corps ought to recruit 80 technical volunteers — ten for each area of the globe exactly where volunteers serve — creating open-source tools other regional volunteers can leverage.
  • Launch Open Source Application Competitors – The Peace Corps need to host an annual contest to identify the Top 10 open-supply projects, constructed by members of the Tech Corps, and give winners economic and developer support to deploy their tools worldwide.
  • Companion with USAID and Local NGOs – The United States Agency for International Development is building technical options — from mobile income to blockchain — that will require sensible and technical assistance on the ground. Tech Corps and other volunteers could aid train locals to run and sustain the technology becoming implemented.

Train Up

  • Expand TechHire globally – My final assignment at the White House was generating TechHire, which brings collectively firms, coding boot camps and regional governments to help these without a college degree discover to code and fill much more than half a million vacant tech jobs. The Peace Corps, in collaboration with USAID, could expand TechHire globally — supporting the development of coding boot camps around the world.
  • Create makerspaces – Work with nearby organizations to establish and develop out makerspaces to teach locals about invaluable technologies such as three-D printing, robotics and solar power.
  • Put artisans on the web – Teach local artisans how to sell their goods on internet sites such as Etsy, eBay and Shopify, or show them how to successfully crowd-fund to acquire working capital necessary for organization development.

Partner Up

  • Form partnerships with S. tech businesses – A lot of of these tech businesses have not only developed some of the world’s most revolutionary software program and hardware but have also expressed lofty ambitions to make a difference in the globe. The Peace Corps should perform with businesses like Twilio or telecoms, for example, to donate text messages for use by neighborhood healthcare clinics and others, similar to ChatSalud.
  • Launch E-book Drives – Companion with Amazon, Kobo and other key e-book merchants to let customers to donate e-books to students abroad exploiting the proliferation of smartphones that have drastically lowered barriers to accessing e-book content material.
  • Establish a Returned Peace Corps Volunteer Innovation Fund – The prime social entrepreneurs and accelerator applications — such as Echoing Green, Knight Foundation, Omidyar Network and Skoll Foundation, among a lot of other individuals — could host an annual event to assessment applications to fund the best ideas from volunteers on the verge of returning, providing them a path to keep in their neighborhood nations to make even higher impacts.

Discovering typical ground with a person whose policy goals you might strongly disagree with is incredibly difficult. But this is not about any a single of us or the president-elect. This is about coming collectively as Americans, with the Peace Corps and the National Peace Corps Association, to aid evenly distribute our future to the people who want it most — the communities Peace Corps Volunteers are uniquely educated to serve.

This post was written in my private capacity and does not reflect the views of MIT or my colleagues.

This is just a starter list for approaches Peace Corps Volunteers could leverage the most recent tech tools to support the individuals serve throughout the world. Really feel totally free to share additional concepts: brian@forde.com

Featured Image: National Museum of American History/Flickr Under A CC BY-SA two. LICENSE