Memebox secures $35 million in funding
San Francisco-based K-beauty company Memebox announced on Thursday that it has closed a $35 million Series D funding round and has plans to use the financing to accelerate growth and drive innovation across its portfolio of brands.
The round of funding, which was led by Johnson & Johnson Innovation - JJDC, Inc., brings Memebox’s total financing up to $190 million to date, with previous investors including Formation Group and Goodwater Capital.
The company, whose private-label brands include I Dew Care, Kaja, Nooni and Pony Effect, will be looking to invest the new funds in its digital development, as well as partnerships with innovative manufacturing and retail partners.
“We want to build the next generation of personal care brands by leveraging Korean technology across beauty categories. We work closely with our strategic partners so that together we can imagine and create the next cult product,” said Memebox founder and CEO Hyungseok Dino Ha in a release. “That’s why we are excited about the investment by JJDC as we will leverage the company’s global capabilities and scientific expertise which will enable us to take a big step forward in our focus on innovation, R&D, and ultimately, reaching a global audience.”
This latest round of funding comes as Memebox continues to stoke the growing K-beauty trend in the US, and follows the launch of its e-commerce platform in June of last year and the release of color cosmetics line Kaja through a partnership with Sephora in September.
Founded in Seoul in 2012, Memebox graduated Y Combinator in 2014. Along with its San Fransisco HQ, the company currently operates corporate outposts in Seoul, Shanghai, Taipei and Hong Kong.
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