South Korean beauty brand Memebox closes $65.95m in funding

South Korean beauty brand Memebox has closed $65.95m in Series C funding, which is led by US venture capital firm Formation Group and previous US investors Goodwater Capital and Pejman Mar Ventures.

With the latest rounds, the total funding of Memebox reaches to approximately $100m.

The company received the financing as a result of its record growth due to the launch of its own branded products.

The new funds will be used by Memebox to continue its business expansion into new markets, develop new fuel-innovative product and connect its digital platform to additional offline retail experiences.

Formation Group founder and chief executive officer Brian Koo said: “Memebox has redefined how beauty companies operate in order to respond to the needs of today's mobile and product-conscious consumers.

“It represents the future of the digitally powered consumer brand revolution. Businesses like Dollar Shave Club, Warby Parker, and Memebox all benefit from the ability to use data and technology that offline incumbents cannot.

“The result is that women all over the world have fallen for and continue to fall in love with products from Memebox.”

The South Korean company uses advanced technology to enhance the sale of its products by promoting them, as well as to predict, develop, and commercialise its own branded products.

Over the last year, Memebox has introduced four successful branded product lines in the market, thereby resulting in 540 stockkeeping units (SKUs) under the company’s brand portfolio.