Memebox is a graduate from Y Combinator venture company. Companies in the United States and Asia to sell Korean beauty products, has received $60 million financing. This round of financing for the company in August to complete the expansion of $65 million 950 thousand C round of financing.
Memebox said the new funds will be used to operate and continue to increase global coverage. South Korea, as its local market, is still the largest company in the country. But the company is increasing its operations in China and the United States (especially in the United States). Founder and CEO Dino Ha recently moved from Seoul to San Francisco.
calculate the new financing, Memebox since its inception in 2012 has raised a total of $160 million from investors. This round of financing by the extended part of the existing investors and new investors, including Goodwater Capital, Altos Ventures, Cowboy Ventures, Mousse Partners, Formation Group, Founders Club, Pear Ventures and Cota Capital. Castanea Partners partner, former makeup brand Laura Mercier CEO Janet Gurwitch also participated in the Memebox investment, and will become a member of the board of directors of the company.
first, Memebox can only provide "beauty box" service, the monthly fixed value of the delivery box cosmetics users, but as a pioneer in this business model into the Birchbox Memebox immediately began to encounter the survival is transformed into cosmetics shop. Thanks to K-Pop and the South Korean pop, the company can expand their user base through the global cold.
now, Memebox not only sell their own brand products, but also sales of third party brand products. The company has a physical store operations in South Korea, but still online sales. In fact, the company said, on a global scale, 88% of the purchase through its mobile applications – for Asian consumers, nearly 94% of the purchase is carried out on mobile applications. The company also said its annual revenue of more than 100 million U.S. dollars, but has not yet begun to profit.