Legend Capital, the venture capital firm sponsored by conglomerate Legend Holdings, has led a RMB120m ($17.7m) series B round for China-based cosmetic beauty services provider PhiSkin, China Money Network reported today.
Alternative asset management firm Ares Management also took part in the round, which comes after PhiSkin secured $9m in a 2015 series A round led by private equity firm H&Q Asia Pacific.
Founded in 2012, PhiSkin supplies non-surgical cosmetic beauty procedures such as laser skin treatments and botox and hyaluronic acid injections.
The company has treatment centres in the Chinese cities of Shanghai, Beijing, Ningbo and Hangzhou, and intends to expand the number of facilities through which it operates to 10 by the end of this year.
In addition to expanding its network of treatment centres, PhiSkin also plans to provide technical training in the industry by launching an academic offering, according to China Money Network.