AmorePacific Ventures, the corporate venture capital arm of Asian beauty company AmorePacific, has participated in a new equity financing of $45.5m for Tria Beauty, US-based creator of laser and light-based skincare products. The financing was led by life sciences investor Bay City Capital, and as well as AmorePacific Ventures included Athyrium Capital Management, structured investor in the healthcare sector. All major existing investors participated in the equity financing, including life sciences private equity investor Aisling Capital, medical device and biotechnology investor DeNovo Ventures, Morgan Stanley Alternative Investment Partners, therapeutic product investor Vivo Ventures, and life science and cleantech venture capital investor Technology Partners.
These funds will be used to launch multiple new laser devices for skincare, including the company’s first device in the largest skincare segment – anti-aging. The funds will also allow the company to selectively expand distribution and accelerate its growth and operating plans.
Tria Beauty also completed a $45m structured lending facility provided by Athyrium Capital, to refinance existing debt and provide incremental, non-dilutive capital to the company. Wedbush Securities acted as strategic advisor to the company in the debt refinancing.
Kevin Appelbaum, chief executive officer of Tria Beauty, said: “In less than five years and in the midst of a troubled economy, Tria has grown from a nascent start-up generating its first revenues to the world’s largest marketer of medical lasers for treating multiple skincare concerns.”
Dick Pines, partner, Athyrium Capital Management, said: “We see in Tria a unique combination of best-in-class technology, superior product design and a management team capable of scaling Tria into a dominant, global skincare brand.”
Dayton Misfeldt, investment partner, Bay City Capital, said: “Tria Beauty’s high growth, professional-quality products and excellent management team attracted us to this global business.”