Korean cosmetics startup attracts 65.95 mil. dollars of foreign investment

Korean cosmetics startup attracts 65.95 mil. dollars of foreign investment. August. 11, 2016 06:57. by 김재희기자 jetti@donga.com.

Mimibox, an IT-converged cosmetic retail company, has attracted global investment of 7.3 billion won (6.67 million dollars). According to the company on Wednesday, it has attracted the investments from U.S. venture capital Formation Group and Goodwater Capital. Since its foundation in 2011, the company has attracted a total of 100 million dollars.

Mimibox attracted 29.50 million dollars in two stages from the same venture capitalists last year. The company secured 5 million members as of 2014 for regular delivery business of cosmetics samples, and is recently expanding to offline business by creating its own product brand and opening independent stores. The latest investment will be used in mobile technology, data infrastructure and global network building.

Mimibox opened its first brick and mortar store at Gangnam District in Seoul in June, and opened a second store last Saturday at Mapo District. "We plan to open more than 10 stores by the end of the year in Sinchon and Myeongdong in Seoul," an insider of Mimibox said.

The government is also making efforts to help domestic startups attract investors. The Science, ICT and Future Planning Ministry and the Culture, Sports and Tourism Ministry held a "Creative Economy Global Roadshow" in Los Angeles in the U.S. for three days from July 29 to support domestic startups attract investments. The future planning ministry said famous VCs including Strong Ventures and BAM Ventures discussed investing 12.37 million dollars into Korean startups.