Johnson & Johnson Innovation – JJDC, the corporate venture capital arm of medical group Johnson & Johnson, led a $35m series D round yesterday for US-based beauty and cosmetics retailer Memebox.
The corporate was joined by Formation Group, a US venture capital fund that maintains an office in Korea, and consumer technology-focused VC firm Goodwater Capital. The round brought the company’s overall funding to $190m, it said.
Founded in South Korea in 2012, Memebox operates an online platform that sells K-Beauty products – cosmetics products from Korea – such as lip gloss and balm, make-up and face masks, to customers in the west, China and Taiwan.
The company generally creates its own brands using Korean beauty technology, having most recently launched a colour make-up brand called Kala in September 2018 through a partnership with beauty product retail chain Sephora.
Hyungseok Dino Ha, Memebox’s founder and chief executive, said: “We are laser-focused on predicting and delivering what consumers are craving and believe taking a science-focused approach is key.
“That is why we are excited about the investment by JJDC as we will leverage the company’s global capabilities and scientific expertise which will enable us to take a big step forward in our focus on innovation, R&D and ultimately, reaching a global audience.”
Memebox had raised approximately $126m in its series C round after closing a second tranche in December 2016 that included Goodwater Capital, Formation Group, Altos Ventures, Cowboy Ventures, Mousse Partners, FundersClub, Pear and Cota Capital.
The company had received an initial $66m from Formation Group, Goodwater Capital and Pear (then known as Pejman Mar Ventures) four months earlier, which in turn followed a $17.5m series B round announced in 2015 alongside a previously undisclosed series A.
Goodwater, Pear, Formation 8, AME Cloud Ventures, Winklevoss Capital, FundersClub, Cowboy Ventures, Altos Ventures and Y Combinator provided the funding for Memebox’s initial rounds. It also participated in Y Combinator’s accelerator in 2014.
Photo courtesy of Memebox US.
