Korean cosmetics startup Memebox announced on Jan. 25 that it has secured series D funding worth US$35 million from Johnson & Johnson Development Corp., venture capital unit of the multinational medical devices, pharma and consumer packaged goods firm.
“We will actively utilize our K-beauty technology to introduce new brands, and also closely cooperate with our strategic partners to unveil our cult products in pursuit of customer lifestyles,” Memebox CEO Ha Hyoung-suk said in a statement.
This is the first strategic investment that the Korean company has received. The two firms plan to cooperate for synergies in the global markets.
Even before the recent funding, Memembox has been expanding its presence overseas due to the saturated domestic cosmetics market. The K-beauty startup also jointly launched a new brand Kaja with US-based multi-brand cosmetics store operator Sephora in September.
Memebox is known for successfully securing funds from Silicon Valley-based startup accelerator Y Combinator in 2013. According to the company, it has so far received funds worth US$190 million in total from foreign and domestic investors.