Online retailer Memebox has raised an additional $65.95m in Series C funding from Formation Group, as well as existing investors Goodwater Capital and Pejman Mar Ventures. This takes the start-up’s funding total to almost $100m.
The funding will now be used to aid Memebox’s expansion into additional markets and further the development of its own branded products.
Memebox currently conducts most of its sales in the US and Asia, bringing Korean beauty products to an international market. Sales in China are said to have grown 1,200% year-on-year while sales in the US have seen 490% year-on-year growth.
The start-up has a huge following on social media, with more than 70 million views on its Facebook videos this year. This has helped it target the 18-24 year-old market with 83% of its sales conducted on mobile devices and 4 million downloads of its app.
Brian Koo, Founder and CEO at investor Formation Group, said that the retailer “represents the future”. He said: “Memebox has redefined how beauty companies operate in order to respond to the needs of today’s mobile and product-conscious consumers.”
Dino Ha, Co-founder and CEO at Memebox, added: “While Memebox was well-known in Korea, we have experienced hyper growth in the US and China as we continue to introduce the magic of beauty to a larger, global audience.”
Memebox started as a beauty subscription service before moving into e-commerce in 2015.
