CurrentBody, the British beauty device retailer, has sold a £50m majority stake to new e-commerce venture capital firm eComplete.
Founded in 2009 by Laurence Newman and Andrew Showman, CurrentBody sells at-home beauty tech and LED technology as alternatives to salon treatments.
Sales at the online player have soared as a result of the pandemic with consumers unable to secure professional beauty treatments.
Key categories, such as home-use LED technology, have grown by 150% in the last 12 months, reported the Manchester-based company.
As a result, CurrentBody has forecasted that sales this year will reach £42.5m, with a £100m over the next two years.
The online retailer now has 17 international websites, a joint venture in China and an outlet within London’s House of Fraser.
CurrentBody's previous investors include venture funds Mercia and BGF, but Newman, CEO of CurrentBody, said that this partnership with eComplete will help secure its £150m revenue target.
He said: "Whilst we have benefitted from previous rounds of growth capital which helped introduce our own products and further develop brand partnerships, the opportunity to work with Paul, Andy and their team to drive international growth is what makes this so exciting."
eComplete was founded in 2020 by former The Hut Group (THG) executives. Paul Gedman was the CEO of THG's luxury beauty division and Andy Duckworth was the chief executive of THG subsidiary Myprotein.
Duckworth added: "As I saw with Myprotein, establishing a pure-play in a particular niche – especially in health, wellness and beauty – can be very powerful.
"CurrentBody now have their own brand of devices too and a pipeline of technology for the next stage of growth.”
