South Korean beauty box Memebox bags $1.5M in funding for US expansion
Asian beauty import Memebox has raised $1.5 million in a venture round to back its US expansion. Memebox is the first South Korean firm to gain entry into the Y Combinator program, according to TechCrunch.
Kevin Hale, the Y Combinator partner of Memebox, shares the latter's difference with its rivals: "They do sell these beauty boxes, but they don't have monthly subscriptions. Each box is numbered and they have products that are in discrete runs."
In addition, Memebox has also tapped Asian brands and manufacturers to fill its beauty boxes with cosmetic products. As it plans to launch its own brand, the company will focus more on skincare products rather than on makeup, the report detailed.
Founder Hyungseok Ha said they joined Y Combinator to facilitate the company's expansion in the US. Right now, the beauty box retailer already has 10,000 customers in the country. It plans to significantly widen its operations in the near future, TechCrunch explained.