Eurazeo acquires minority stake in brand incubator Pangaea
After announcing the intention of investing €400 million in French aromatherapy specialist Aroma-Zone, private equity firm Eurazeo is set to invest $53 million (€45 million) to acquire a minority stake in Pangaea Holdings, a company that incubates and develops digital brands through its e-commerce platform.
Eurazeo's investment is part of a $68 million funding round also involving Unilever Ventures, the agribusiness group’s start-up investment programme, GPO Fund and past investors Base10 Partners and Gradient Ventures.
Pangaea specialises in men’s skincare and personal care brands. It was founded in 2018 by Richard Hong and Darwish Gani with the launch of Lumin, a premium men’s grooming brand that uses natural formulas developed in Korea. Pangaea subsequently bolstered its e-tail capabilities by expanding its brand portfolio with Meridian, a men’s shaving products brand launched in 2020.
Pangaea now has 300 employees and sells its products in more than 70 countries.
“This funding round will enable [Pangaea] to accelerate its growth, in particular by expanding the product range, by adding to its brand portfolio and also by monetizing its e-commerce distribution platform via third-party clients,” said Eurazeo.
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