K-beauty startup B2LiNK secures W17b
[THE INVESTOR] Korean beauty startup B2LiNK announced on Dec. 3 that it has secured 17 billion won (US$15.27 million) from domestic and foreign investors.
“We will use the money for establishing units in the US, South America and Europe, to expand our overseas business,” said B2LiNK CEO Lee So-hyung.
“We will focus on expanding our business in Mexico, as a local investor Angel Ventures has funded us.” The latest list of investors include Kolmar Korea, POSCO Capital and Angel Ventures. The firm currently has one overseas unit in Shanghai, China.
Industry watchers project that since Korea’s biggest original equipment manufacturer Kolmar Korea is one of its main investors, further synergies will be made through their partnership.
Established in 2014, B2LiNK currently works with over 150 cosmetics makers here and provides beauty product retailing solutions by cooperating with over 40 different firms abroad. Its sales reached 50 billion won in 2017, reaching break-even point, with 39 billion won in the first half of this year.
Before securing the new funds, B2LiNK also secured investments worth 10.3 billion won from investors including DSC Investment, KTB Network and China-based DT Capital Partners.
By Song Seung-hyun (firstname.lastname@example.org)